Oil Set For Weekly Gain As Middle East Tensions Squeeze Supply

(RTTNews) - Oil prices held steady on Friday and were on track for another weekly gain despite news of a record release of emergency reserves by members of the International Energy Agency.

Benchmark Brent crude futures were up half a percent at $100.95 a barrel, while WTI crude futures held largely steady at $95.69.

Brent prices are set for a 10 percent weekly gain and WTI contracts are poised for more than a 6 percent uptick for the week despite the U.S. announcing several measures to ease supply concerns.

The Trump administration has issued its second authorization for buyers to take Russian oil cargoes already at sea and announced it was considering loosening shipping rules in a bid to ease growing pressure on prices.

U.S. Treasury Secretary Scott Bessent said the United States Navy may soon escort oil tankers through the Strait of Hormuz, perhaps with an international coalition.

Tensions persist in the Middle East, with both U.S. President Donald Trump and Iran's new supreme leader striking defiant tones.

The latter has ordered the Strait of Hormuz to remain closed and called on Gulf Arabs to "shut down" U.S. bases in the region.

U.S. President Trump said that the U.S. benefits from rising oil prices, but his priority is stopping Iran from having nuclear weapons.

Investors remain concerned about the stability of global energy flows following Iran's relentless attacks on shipping traffic and energy infrastructure in the Persian Gulf.

Goldman Sachs has revised its crude oil forecast for the second time in a week and warned of a 2008-like spike to near $150 a barrel.