Oil prices set for second weekly decline as Trump sticks with Iran blockade
USO•Brent and WTI were each down 2.9% for the week as the continued US blockade of Iran eased fears of renewed fighting, while softer US demand and shipping risks weighed on prices.
1. Prices fall for the week
Brent futures fell 28 cents, or 0.29%, to $95.54 a barrel on Friday, while US West Texas Intermediate futures declined 56 cents, or 0.63%, to $88.18. Both benchmarks were headed for a 2.9% weekly decline, following steep drops the previous week.
2. Demand and supply risks
Analyst Sugandha Sachdeva said signs of softening US demand, including rising crude and fuel inventories, were weighing on prices. Risks to shipments remained: Iran's military said four tankers were hit by explosions in the Strait of Hormuz, and Yemen's Houthis said they attacked Saudi oil infrastructure. The Iranian military's account could not immediately be verified.
