Key points
- Brent remains near a four-week high
- Prices head for second weekly gain
- Middle East supply risks keep market firm
ISLAMABAD: Oil prices edged lower on Friday but remained near $93 a barrel, keeping the market on course for a second consecutive weekly gain as disruptions to Middle Eastern supplies continued to support prices.
Brent crude was trading at around $93.4 a barrel, down about 0.4 per cent on the day, according to Trading Economics.
The benchmark remained close to its highest level since July 24, reached after a five-session rally.
OilPrice.com’s latest market data similarly showed Brent near $93.3, with the October contract marginally lower but still more than 5% higher over the previous five sessions.
West Texas Intermediate crude was around $86.4 a barrel, also down marginally, according to Trading Economics. The futures market had rallied for five straight sessions through Thursday, with Brent settling at $93.78 and WTI at $87.83.
The latest decline therefore represents a modest pullback after a strong weekly advance rather than a change in the broader direction of the market.
READ ALSO: Stalled Iran-US talks keep oil prices high, Hormuz shipping slow
Supply concerns remain centred on the Middle East, where the prolonged U.S.-Iran conflict and restrictions on shipping through the Strait of Hormuz have disrupted crude flows from major producers.
The disruption has pushed Brent above $93 after it ended last week below $89.
The benchmark has gained more than 5% this week, with traders continuing to price the possibility of prolonged constraints on oil shipments through the strategic waterway.
The market has nevertheless avoided another sharp price spike as alternative shipping arrangements have helped keep some crude moving.
Analysts have described the latest retreat as a technical correction after the recent rally, rather than evidence that supply concerns have eased.
For oil-importing economies, sustained crude prices above $90 a barrel could add to fuel and transportation costs if the disruption persists.
For now, the market remains firm: Brent is slightly lower on the day but still substantially higher for the week, reflecting continued concern over Middle Eastern supply.
Oil swings
Oil prices have swung sharply over the past seven months, driven largely by the Iran war, shifting ceasefire expectations and disruptions to Middle Eastern shipping.
Brent began 2026 near $70 a barrel before surging to about $126 in March after the conflict erupted and Hormuz flows were disrupted.
Prices subsequently eased as supply concerns receded, falling to around $70 in early July.
Renewed fighting and attacks on energy and shipping infrastructure then pushed Brent back above $100 in late July before it settled near $89 in August amid stalled US-Iran talks.
