Oil falls but set for steepest weekly gain since 2022

Oil prices fell on Friday for the first time in six days as the US government is weighing potentially intervening in the futures market to blunt rising prices and issued waivers for Russian oil purchases to ease supply constraints from the Middle East war.

Brent crude futures were down 95 cents, or 1.1 per cent, to $84.46 per barrel and West Texas Intermediate (WTI) was down $1.08, or 1.3pc, to $79.93 as of 04:40 GMT.

Still, Brent has surged 16.4pc this week while the WTI jumped 19.2pc on track for the steepest weekly gain since Russia launched its full-scale invasion of Ukraine in February 2022.

The gains followed the start on February 28 of the war between the US and Israel, on one side, and Iran that has halted tankers moving through the Strait of Hormuz, which typically carries roughly one-fifth of the world’s daily oil supply.

The conflict has since spread across the key Middle East energy-producing region, causing disruptions to oil output and the shutdowns of refineries and liquefied natural gas plants.

“With every passing day, halted activities in Hormuz will have two major impacts on oil: the inability to store 20 million barrels per day and the lack of flow to the world, which could drive global........

© Dawn Business