Global crude benchmarks held firm near multi-week highs Friday, remaining on course for a second consecutive weekly gain as ongoing military stalemates in the Middle East severely restrict regional energy exports.
According to market data, Brent crude futures slipped 23 cents, or 0.3%, to $93.55 a barrel by 0142 GMT. Meanwhile, U.S. West Texas Intermediate (WTI) eased 33 cents, or 0.4%, to $86.50.
The brief early-session retreat follows a sharp 2.4% surge for Brent and a 2.3% gain for WTI on Thursday. Over the past five trading sessions, Brent has advanced over 7%, while WTI rose 8%.
Supply risk premiums remain elevated after temporary regional peace arrangements expired without renewal negotiations. The ongoing standoff continues to curtail output and exports from core Gulf producers including Saudi Arabia, Iraq, the UAE, and Kuwait.
Shipping activity through the crucial Strait of Hormuz which historically handles nearly 20% of global daily oil consumption remains severely depressed, with only nine vessel transits recorded in mid-week trading.
Market tension escalated further after Washington warned of severe economic isolation measures against third-party nations assisting Tehran, reinforcing physical supply bottleneck fears among global commodity traders.
Despite holding well below early-conflict spikes near $126, current prices above $93 continue to heighten global inflation concerns, squeezing energy-importing economies while bolstering fiscal balances for non-Middle Eastern oil exporters.
