Oil on track for weekly gain as Iran tensions support
Oil prices rose on Friday and were on track for a weekly increase as geopolitical tensions over Iran remained unresolved, although flagging prospects for global economic growth amid the US-China trade war capped gains.
Brent crude futures were up 16 cents at $63.55 per barrel at 0834 GMT, equivalent to a weekly rise of around 1.7 per cent. They fell 6 per cent last week.
US West Texas Intermediate crude was 21 cents higher at $56.23 a barrel, a weekly gain of 1 per cent. It fell 7.5 per cent last week.
Tensions remained high around the Strait of Hormuz, the world’s single most important oil passageway, as Iran refused to release a British-flagged tanker it seized last week in the Gulf.
