Oil prices were steady on Friday and were on track for a second straight weekly gain after the United States threatened to impose the toughest sanctions in history with no end in
Oil prices were steady on Friday and were on track for a second straight weekly gain after the United States threatened to impose the toughest sanctions in history with no end in sight for disruptions to Middle East oil flows.
Brent crude futures rose 20 cents, or 0.21%, to $93.98 a barrel by 1307 GMT. U.S. West Texas Intermediate crude was up 7 cents, or 0.08%, at $86.90.
The Brent benchmark has gained more than 6.1% while WTI has risen 5.3% this week, with both touching their highest since July 24 in the previous session.
"The U.S. is taking a very firm stance against Iran, with the blockade back in place and threats of tougher sanctions on Iranian oil exports, and that's why we are seeing oil prices back above $90 a barrel," said ANZ analyst Soni Kumari.
Iran said on Friday that its response to any new U.S. threats would be "devastating" after Washington pledged to impose the toughest financial penalties in history with the aim of toppling the Iranian leadership.
"The immediate impact on supply may be limited as Iranian exports are already heavily constrained by the U.S. naval blockade," said Crispus Nyaga, research analyst at Empire FX.
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