Brent crude hovers near $94 as weekly gains extend on Middle East tensions

WASHINGTON, United States — LONDON — Brent crude traded near $94 a barrel on Friday, while U.S. West Texas Intermediate stood at $86.90, extending sharp weekly gains driven by concerns over Middle East supply disruptions and tightening U.S. sanctions on Iran. Brent has risen more than 6.1% since the start of the week, with WTI up over 5.3% in the same period. The rally has been supported by fears that oil flows from major regional producers could be disrupted if geopolitical tensions in the Middle East escalate further. Concerns that Washington’s sanctions enforcement on Iran could curb exports have also weighed on sentiment, reinforcing the upward pressure on prices. Analysts said the combination of geopolitical risk and shifting sanction dynamics would keep volatility in crude markets closely watched. Brent was last reported at $93.98 a barrel, with WTI at $86.90, as trading remained range-bound in Friday’s session.