Oil Set For Biggest Weekly Gain Since July Amid Rising Supply Risks

(RTTNews) - Oil prices fell slightly on Friday but were on track for their largest weekly gain since mid-July amid elevated concerns over supply disruptions.

Brent crude futures dipped 0.4 percent to $95.09 a barrel but were up more than 8 percent so far this week due to renewed U.S.-Iran hostilities. WTI crude futures were down 0.6 percent at $90.72 a barrel.

As U.S.-Iran hostilities intensify, it is feared that Persian Gulf flows might be constrained into next year.

The Strait of Hormuz remains the main focus following U.S. strikes on Iranian targets earlier this week.

U.S. Vice President JD Vance ruled out talks with Iran until it stops attacking commercial shipping in the Strait of Hormuz, adding "all options" remain on the table in dealing with Tehran.

Iran claimed to have conducted retaliatory strikes on U.S. bases in Kuwait and UAE for a second day in a row even as U.S. President Donald Trump stated that Washington can attack Iran 'anytime we want.'

Iranian Vie President Mohammad Reza Aref said that Iran will adopt an "asymmetric" and "multi-layered" response to any future U.S. attacks and warned, "Dark months await the American economy."

Israeli Prime Minister Benjamin Netanyahu stated that toppling Iran's government is now a central Israeli objective and "within reach."

Meanwhile, Ukrainian President Volodymyr Zelensky said he hoped to host U.S. President Donald Trump's envoys in Kyiv in the coming days after Russian President Vladimir Putin signaled a number of countries were ready to support a peace settlement to end the war in Ukraine.