(RTTNews) – Oil prices remained steady on Friday and were on track for another weekly gain despite news of a record release of emergency reserves by members of the International Energy Agency.
Benchmark Brent crude futures were up half a percent at $100.95 a barrel, while WTI crude futures were largely flat at $95.69.
Brent prices are set for a 10 per cent weekly gain and WTI contracts are set to rise more than 6 per cent for the week despite the US announcing a number of measures to ease supply concerns.
The Trump administration has issued its second authorization for buyers to move Russian oil cargoes already at sea and announced it is considering loosening shipping rules to ease upward pressure on prices.
US Treasury Secretary Scott Besant said the United States Navy could soon escort oil tankers through the Strait of Hormuz, perhaps with an international coalition.
Tension remains high in the Middle East, with both US President Donald Trump and Iran’s new supreme leader adopting defiant tones.
The latter has ordered the closure of the Strait of Hormuz and called on Gulf Arabs to “shut down” US bases in the region.
US President Trump said that America benefits from rising oil prices, but his priority is to prevent Iran from possessing nuclear weapons.
Investors are concerned about the stability of global energy flows following Iran’s continued attacks on shipping traffic and energy infrastructure in the Persian Gulf.
Goldman Sachs has revised its crude oil forecast for the second time in a week and warned of a 2008-like rise to near $150 a barrel.
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