Add as a preferred source on GoogleBrent Settles at Six-Month High as Iran Army Chief Declares Readiness
U.S. West Texas Intermediate settled above $100, and both benchmarks posted weekly gains as traders watched for possible renewed U.S. strikes on Iran.
Brent crude settled at $116.72 a barrel Friday, its highest close since April 29, while U.S. oil topped $100 as Iran's army chief declared military readiness for asymmetric warfare.
Brent futures rose 3.1% on the day and gained 6.2% for the week, the benchmark's third consecutive weekly advance. U.S. West Texas Intermediate (WTI) crude settled at $103.27, up 3.8% Friday and 2% for the week.
Traders expect the United States to resume strikes on Iran in the coming weeks. Iran's army chief said the military was fully prepared for “asymmetric warfare” after strengthening its capabilities.
President Donald Trump said Wednesday that the United States was not negotiating with Iran and that “something would happen fairly soon.” Trump also accused Iran Thursday of trying to manipulate the oil market. Iran-allied Houthi militants have continued attacks on Saudi Arabia. The U.S. State Department ordered nonessential personnel to leave Saudi Arabia, while Saudi Aramco told staff to evacuate its Dhahran headquarters and work remotely after a series of attacks.
The widening conflict has brought energy-related inflation concerns and broader market sentiment into focus for crypto investors.
Enna Lee
ReporterEnna Lee reports on investing and digital-asset markets for TokenPost. Send corrections or tips to info@tokenpost.com.