Oil heads for a second consecutive weekly gain amid stalemate between the US and Iran

Oil prices saw little change on Friday, but are on track to post a second consecutive weekly gain, as a stalemate between the United States and Iran continues to disrupt supplies in the Middle East.

By 01:42 GMT, Brent crude futures rose four cents to $93.82 a barrel, after climbing 2.4 percent in the previous session.

US West Texas Intermediate crude futures fell six cents to $86.78 a barrel, following gains of 2.3 percent on Thursday.

Over the past five days, Brent crude rose by more than 7 percent, while US crude increased by more than 8 percent, reaching their highest levels since July 24.

These gains came amid concerns that the unresolved US-Israeli conflict with Iran could lead to continued disruptions in supplies from major oil-producing nations.

Tony Sycamore, an analyst at IG, said that while both sides are sticking to their positions, neither can afford the luxury of waiting given the rise in crude oil prices.

Preliminary shipping data showed a decline in the number of vessels transiting the Strait of Hormuz on Thursday compared to the previous day, amid growing concerns over risks to navigation in the Middle East, coinciding with a stalemate in US-Iran talks.

According to data from Kpler, a total of seven cargo ships passed through the strait on Thursday, half the number recorded on Wednesday, with four vessels entering the waterway and three exiting.

None of these vessels were large oil tankers or liquefied natural gas carriers.