Brent oil benchmark set for biggest weekly drop since 2020
USO•USO•USO•USO•Brent crude was on track for a 16% weekly decline, its steepest since the start of the COVID-19 pandemic, while WTI was set to fall 13%. Prices edged higher on Friday as tanker attacks continued to raise supply concerns.
Brent futures for January delivery rose 31 cents, or 0.3%, to $98.60 a barrel by 1129 GMT on Friday. The contract was on track to fall 16% for the week, its steepest weekly percentage decline since the start of the COVID-19 pandemic and its biggest in absolute terms in LSEG data going back to 1988. WTI rose 48 cents, or 0.5%, to $91.00 and was set for a 13% weekly decline.
The sell-off followed hopes of a de-escalation in the US-Israeli war on Iran and signs of an emerging supply excess amid weaker demand. Oil prices rebounded after a surge in tanker attacks in the Gulf and Strait of Hormuz renewed concerns about supply flows. Britain's maritime security agency UKMTO said attacks on oil-carrying ships were still running close to a record pace.
