Brent Settles at Six-Month High as Iran Army Chief Declares Readiness

Brent crude settled at $116.72 a barrel Friday, its highest close since April 29, while U.S. oil topped $100 as Iran's army chief declared military readiness for asymmetric warfare. Brent futures rose 3.1% on the day and gained 6.2% for the week, the benchmark's third consecutive weekly advance. U.S. West Texas Intermediate (WTI) crude settled at $103.27, up 3.8% Friday and 2% for the week. Traders expect the United States to resume strikes on Iran in the coming weeks. Iran's army chief said the military was fully prepared for “asymmetric warfare” after strengthening its capabilities. President Donald Trump said Wednesday that the United States was not negotiating with Iran and that “something would happen fairly soon.” Trump also accused Iran Thursday of trying to manipulate the oil market.

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