Oil heads for weekly gain above $100 per barrel
Oil prices are on track for a weekly gain above $100 a barrel as Middle East shipping attacks disrupt global supplies and drive US diesel to record highs. Vessel transits through the Strait of Hormuz have dropped significantly amid escalating regional conflict.
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Brent Crude Oil fell to $105.98 a barrel on Friday, but prices remained on track to finish the week above $100 for the first time since mid-May as supply concerns persisted. The retreat followed reports of potential diplomatic talks regarding key shipping corridors. Despite the late-session drop, both global benchmarks retained weekly gains exceeding 10%.
