Crude oil traded slightly lower around $90 per barrel on Friday but was still up nearly 9% for the week, marking its strongest weekly gain since mid-July, as escalating US-Iran tensions continued to shape market sentiment. Strikes between the US and Iran resumed this week for the first time in about a month, renewing concerns over potential supply disruptions. Sentiment was further pressured by Israeli warnings that it would “cripple” Iran’s military and civilian infrastructure.
At the same time, US Vice President JD Vance said on Thursday that Washington does not intend to hold talks with Tehran unless Iran halts attacks on commercial shipping in the Strait of Hormuz. Still, there were indications that crude supplies remain robust, with Iraq’s oil exports rising in August and expected to increase further in September. In addition, OPEC+ is widely anticipated to leave its oil output policy for October unchanged at its meeting on Sunday.
