Oil prices were steady on Friday but were on track to post their first weekly gain in three weeks as renewed fighting between the US and Iran raised concerns of continued supply disruption in the Middle East.
Brent, the benchmark for two thirds of the world’s oil, was down 0.61 per cent to $94.45 a barrel at 11.31am UAE time. West Texas Intermediate, the gauge that tracks US crude, was trading 0.99 per cent lower at $92.12 a barrel. Oil prices also fell on Thursday with Brent dropping by 2.8 per cent to $95.03 a barrel, while WTI fell by 3.1 per cent to $93.04. However, both the benchmarks are expected to post a weekly gain.
Crude also ticked up early on Friday as the US-Iran deal remained elusive and Israel continued to attack Lebanon despite a truce, said Vandana Hari, chief executive of Singapore-based Vanda Insights.
