Oil climbs toward biggest weekly rise since July amid heightened US-Iran tensions

On Friday, Brent crude futures rose 15 cents to $95.67 a barrel and US West Texas Intermediate gained 26 cents to $91.56, positioning both grades for their biggest weekly gains since the week ending July 20. The price lift comes after a series of US attacks this week that killed and wounded dozens, marking the fiercest US-Iran confrontations since the conflict began in February. Israeli Defence Minister Israel Katz reiterated threats to cripple Iran's military and civilian energy facilities, and US Vice President JD Vance warned that Washington would not negotiate with Tehran unless attacks on commercial vessels in the Strait of Hormuz cease.

Iran has broadened its list of non-compliant ships, though it continues to allow Iraqi tankers to pass. Iraqi officials said oil shipments rose to about 2.34 million barrels per day in August, up from roughly 1.35 million the previous month, and expect September exports to climb further. Russian President Vladimir Putin added that a pathway to ending the war in Ukraine remains possible, noting US and Chinese support for a peace deal.