Oil prices were little changed on Friday but remained on course for a second consecutive weekly advance as the U.S.-Iran war continued to upend global supply chains. Brent crude futures edged up 4 cents to $93.82 a barrel by early Asian trading, while U.S. West Texas Intermediate slipped 6 cents to $86.78. Both benchmarks posted their highest closes since late July after five days of gains, with Brent surging more than 7 percent and WTI climbing over 8 percent for the week, extending a rally that began after a 60-day ceasefire between Washington and Tehran expired without renewal.
The latest price moves followed President Donald Trump's threat of economic retaliation against nations backing Iran, a warning that would particularly affect China, Tehran's largest trading partner and top oil customer. Trump said Washington would launch an "overwhelming economic operation" against Iran, and the United Arab Emirates suspended all financial and economic transactions with Tehran until further notice.
Shipping traffic through the Strait of Hormuz remained subdued, with just nine vessels transiting on Wednesday — a fraction of the volume that once carried roughly one-fifth of global oil consumption before the war began on February 28.