Oil Heads for Weekly Gains Amid Middle East Supply Risks

Oil markets in Singapore and global hubs are tracking toward significant weekly gains as supply anxieties outweigh recent efforts by the United States to provide relief through sanctions waivers. Despite a new 30-day license allowing the purchase of petroleum products from Russia currently stranded at sea, Brent futures for May rose to $100.56 a barrel, marking a nearly 9% increase for the week. Meanwhile, West Texas Intermediate crude hovered around $95.57, poised for a 7% weekly uptick.