Brent crude nears $94 as US-Iran war hits supply

Brent crude oil prices rose to $93.89 a barrel on Friday, nearing the $94 mark, as the ongoing US-Iran conflict disrupted global energy supplies. US West Texas Intermediate stood at $86.84 a barrel. Both benchmarks are headed for a second consecutive weekly gain, with Brent up over 7% and WTI over 8% in the past five sessions, reaching their highest levels since July 24.

The rally followed US President Donald Trump's warning of 'economic warfare and isolation on an unprecedented scale' against Iran, and threats to countries supporting Tehran. ThePrint reports that an interim ceasefire that began on June 17 collapsed, and a 60-day negotiating window expired without a breakthrough. The UAE suspended all financial and economic transactions with Iran this week. The conflict began on February 28 when the US and Israel launched military strikes on Iran, leading to a blockade of the Strait of Hormuz and attacks on energy infrastructure.