Oil prices jump 6% in a week, with Brent near $95 per barrel

Oil prices rose at the close of Friday’s trading sessions after U.S. President Donald Trump threatened to impose economic sanctions on Iran’s trading partners, bolstering expectations of a supply shortage in the coming weeks. Brent crude futures rose 61 cents, or 0.65%, to settle at $94.39 a barrel. U.S. West Texas Intermediate (WTI) crude futures gained 23 cents, or 0.26%, to $87.06 a barrel. Brent crude rose 6.39% for the week, while WTI crude gained 5.66%, with both benchmarks hitting their highest levels since July 24 in the previous session, according to Reuters. Prices rose amid concerns over continued supply cuts by major oil-producing countries in the Middle East. The previous agreement between the United States and Iran expired this week without either side making efforts to resume talks. Trade sources said offers of Iranian crude to Chinese buyers declined, while prices rose this week as U.S. sanctions curtailed Tehran’s shipments, with Washington hinting at further penalties.