Oil Prices Ease on Friday but Head for Weekly Gain as Middle East Supply Worries Persist

TLDR Brent crude fell 0.44% to $105.45 and WTI fell 0.63% to $97.35 on Friday, but both are on track for weekly gains. WTI is up about 6% this week after a big draw in US crude stocks. Iran says it is stepping up strikes near the Strait of Hormuz, and Hormuz flows were about 68% of the baseline. The IEA agreed to release more than 20 million barrels of diesel, and European diesel margins fell nearly 2%. The US is considering easing sanctions on some shadow fleet vessels to lower freight rates. Oil prices slipped on Friday but are still on track for a weekly gain. Traders are watching supply risks in the Middle East and a large drop in US crude stocks.

BeCrypto News shows a short excerpt and links to the publisher. The full report belongs to CoinCentral.