Global oil prices held largely steady on Friday as traders balanced rising Middle East geopolitical tensions against recovering regional supplies and export restrictions.
Brent crude slipped 3 cents or 0.03% to $102.28 a barrel with tracking toward a weekly loss of roughly 2% despite a $4 gain on Thursday. Meanwhile the West Texas Intermediate (WTI) fell 19 cents or 0.2% to $92.68 a barrel heading toward a modest 0.3% weekly gain.
Market analysts noted that investors are assessing a mix of competing market signals. Tim Waterer, chief analyst at KCM Trade stated that increased Saudi export volumes were being counterbalanced by reports of additional US naval deployments to the Gulf and China’s decision to halt refined product exports to protect its domestic supply.
Further supply concerns emerged following reports that the US is deploying a third aircraft carrier and up to 10,000 additional troops to the region as Washington weighs renewed actions against Iran. Additionally, the Trump administration has urged European allies including Germany and France to draw down emergency diesel stocks by 120 million barrels over six months to cool global fuel prices.
