Oil set for second weekly loss as Middle East supply concerns ease

WTI crude oil futures traded largely flat near $89 per barrel on Friday and remained on track for a second consecutive weekly decline, as the continued US blockade of Iran eased concerns over renewed conflict in the Middle East. However, persistent attacks on tankers and regional infrastructure kept supply risks elevated, particularly around the strategically important Strait of Hormuz. Brent crude was headed for a nearly 3% weekly loss following a 16% plunge last week, while WTI was set to decline around 3% after shedding nearly 13% in the previous week. Meanwhile, MCX November delivery crude oil futures traded 0.6% higher at Rs 8,353 per barrel.

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