Crude benchmarks gained on Friday, recovering earlier losses as renewed U.S. threats toward Iran increased investor concerns over possible disruptions to oil supplies. The heightened geopolitical risk contributed to Brent and U.S. crude heading for a fifth consecutive week of gains, supported by expectations of stronger demand.
Brent crude rose 65 cents, trading at $64.75 per barrel, while U.S. West Texas Intermediate advanced by the same amount to reach $60.04 as of 4.26 p.m. Bangkok time.
President Donald Trump indicated late Thursday that a U.S. fleet was being dispatched to the region, warning Iran against actions such as harming protestors or resuming nuclear activities. The statements added a risk premium to oil markets, which have been sensitive to possible supply disruptions linked to geopolitical developments.
A U.S. official confirmed that warships including an aircraft carrier are expected to arrive in the Middle East soon.
Tensions in Iran have persisted since January, with widespread protests resulting in several thousand reported fatalities, further adding to the sense of uncertainty around the country’s oil production and exports.
