Brent crude held around $106 a barrel on Friday, easing from Thursday’s sharp rally but still on track for a strong weekly gain as the escalating US-Iran conflict continues to raise concerns over global oil supplies.
Brent was down 1.41% at $106.11 a barrel, according to market data, but remains about 19% higher than a month ago and 58% above its level a year earlier.
The latest pullback comes after Brent pushed above $100 earlier this week and climbed as high as around $110 on Thursday.
For now, the market is still focused on the same question: how long will the disruption last?
Attacks on shipping and oil infrastructure around the Middle East have raised concerns about the movement of crude through key routes, particularly the Strait of Hormuz, a major artery for global energy supplies.
The longer the conflict continues, the greater the risk that supply disruptions become more persistent. That is keeping traders on edge and supporting oil prices even as some profit-taking pulls Brent lower on individual sessions.
Brent is now on track for a double-digit weekly gain, highlighting just how quickly the conflict has changed the outlook for the oil market.
