Oil heads for weekly gains amid stalemate between US and Iran

Oil prices saw little change on Friday but are on track to post a second consecutive weekly gain, as ongoing stalemate between the United States and Iran continues to disrupt supplies from the Middle East. By 0142 GMT, Brent crude futures rose four cents to $93.82 a barrel, after climbing 2.4 percent in the previous session.

U.S. West Texas Intermediate (WTI) crude futures, the American benchmark, fell six cents to $86.78 a barrel, following a 2.3 percent gain on Thursday. Over the past five trading days, Brent prices have risen by more than 7 percent, while U.S. crude has surged by over 8 percent, reaching their highest levels since July 24.

Prices increased due to concerns that the unresolved U.S.-Israeli military situation against Iran could lead to continued disruptions in supplies from major oil-producing countries such as Saudi Arabia, Iraq, the United Arab Emirates, and Kuwait.

The memorandum of understanding between Tehran and Washington expired this week without any efforts from either side to resume talks, and U.S. President Donald Trump has threatened economic measures against countries supporting Iran.