WASHINGTON (dpa-AFX) - Oil prices were mixed on Friday but still headed for a third consecutive weekly rise on lingering worries that an escalating Israel-Iran conflict may touch upon oil infrastructure.
Iran has in the past threatened to close the Strait of Hormuz to traffic in retaliation for Western pressure and such a move could restrict trade and affect global oil prices, analysts say.
The Strait of Hormuz is a key shipping lane through which an estimated fifth of global oil supply flows.
Brent crude futures fell over 2 percent to $77.23 per barrel but still headed for a strong weekly gain of 4 percent.
WTI crude futures, which didn't settle on Thursday due to a federal holiday, were up 0.6 percent at $73.96.
As the Israel-Iran conflict enters its eighth day, both countries traded barrages of missiles and drones.
Residents in southern Israel have been rocked by more Iranian missile strikes while Israel has continued to hit dozens of targets in Iran.
Meanwhile, the White House said a final decision on whether to support Israeli military action against Tehran could come within two weeks.
Trump was holding off on final decision to see if Tehran gives up its nuclear program, the Wall Street Journal reported, citing sources.
Separate reports suggest that the U.S. will launch strikes against Iran only if the so-called 'bunker buster' bomb was guaranteed to destroy Iran's deep-underground Fordow nuclear site.
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