Crude Oil Prices Head for Second Weekly Drop as Iran Fears Ease

Global Oil – (Special Correspondent/Web Desk) – Crude oil prices moved in a mixed pattern on Friday, but they are still set for a second weekly drop in a row. Traders feel a little calmer because the US looks ready to keep limits on Iranian oil shipments.

By 10:19 am PST, Brent crude futures were down 0.37% at $95.45 a barrel. West Texas Intermediate (WTI) fell $0.60, or 0.68%, to $88.14 a barrel.

The US plan to keep its blockade on Iran has lowered the chance of a big military clash. That clash could have put oil supplies in the region at risk. Still, attacks on ships and energy sites keep worries alive, as CNBC reported.

The week stayed jumpy. Hopes for calmer talks between the US, Israel and Iran were met with strikes on Saudi energy sites and oil tankers leaving the Gulf.

Brent is on track to lose 2.4% this week, after a sharp 16% fall last week. WTI is heading for a 2.5% weekly loss, following a 13% drop the week before.

Prices eased after President Donald Trump said a deal with Iran was not needed to end the conflict. He signalled that the US would keep the blockade, along with trade curbs and other sanctions.

On Thursday, Iran’s military said four oil tankers were hit by blasts in the Strait of Hormuz after they ignored warnings. Reuters could not confirm this claim on its own.

Yemen’s Houthis, who are aligned with Iran, also claimed attacks on a pumping station on Saudi Arabia’s East-West pipeline. They also named an oil site in the Red Sea port of Yanbu and an Aramco building in Riyadh.

US data added more pressure on prices. The Energy Information Administration said crude stocks rose by 4.7 million barrels to 414.4 million barrels in the week ended November 6. Analysts had expected a 1.1 million barrel fall, based on a Reuters poll.