Oil slips but ends week higher on Mideast supply disruption fears - Reuters

Oil slips but ends week higher on Mideast supply disruption fears - Reuters:

Oil prices edged lower on Friday due to demand fears amid a standoff in Sino-U.S. trade talks, but both benchmarks ended the week higher on rising concerns over 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 fell 41 cents, or 0.6%, to settle at $72.21 a barrel. The global benchmark notched a weekly gain of about 2%, having ended last week largely steady and fallen the week before.

U.S. West Texas Intermediate crude fell 11 cents to end the session at $62.76, and gained about 1.7% on the week.