Oil set for weekly gain on threat of Mideast supply disruptions - Reuters

Oil set for weekly gain on threat of Mideast supply disruptions - Reuters:

Oil prices steadied on Friday, with both benchmarks on track for a weekly gain on rising concerns over potential further supply disruptions in Middle East shipments due to U.S.-Iran political tensions.

Iran said on Friday it could “easily” hit U.S. warships in the Gulf, the latest in days of sabre-rattling between Washington and Tehran, while its top diplomat worked to counter U.S. sanctions and salvage a nuclear deal denounced by President Donald Trump.

U.S. sanctions on Iran have already cut the OPEC member’s crude exports further in May, adding to supply curbs implemented through an OPEC-led pact for the first six months of the year.

Brent crude was up 5 cents at $72.67 a barrel by 11:21 a.m. EDT (1521 GMT). The global benchmark was set to rise nearly 3 percent this week, having ended last week largely steady and fallen the week before.

U.S. West Texas Intermediate crude added 48 cents to $63.35, and was on track for a weekly gain of about 2.7 percent.