Crude dips but eyes weekly gain as US-Iran conflict stokes supply fears
Oil prices experienced a slight dip but remain on track for significant weekly gains due to ongoing military tensions between the United States and Iran. Concerns regarding the security of the Strait of Hormuz continue to drive market volatility, though investors are somewhat reassured by the US decision to avoid targeting Iranian energy infrastructure.
Why it matters
The conflict threatens global energy supply chains, potentially leading to increased fuel costs and economic instability if the Strait of Hormuz remains disrupted.
Oil prices edged lower in early trade on Friday but remained on course for strong weekly gains as renewed military exchanges between the United States and Iran kept concerns over global crude supplies elevated.Brent crude futures fell 6 cents, or 0.08%, to $76.24 a barrel by 0125 GMT, while US West Texas Intermediate (WTI) crude slipped 4 cents, or 0.06%, to $72.04 a barrel, , Reuters reported.Despite Friday's modest decline, Brent was set to post a 6% weekly gain, while WTI was on track to rise 5% for the week.US-Iran conflict continues to support pricesOil markets remained focused on developments in the Middle East after Iranian armed forces launched attacks on US military infrastructure in Gulf states on Thursday, following American strikes on military targets in Iran's southern coastal and eastern provinces.Iranian media also reported multiple explosions across southern Iran, including in Bushehr, home to one of the country's nuclear…
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