Oil heads for second weekly gain as Middle East supply risks outweigh reserve release

📡 Bloomberg Markets 2d ago · 1 min read ·

Part of composite article Oil Prices Explode Past $110 as Iran's Hormuz Attacks Hit 12 Ships in a Week View full article →

Oil prices are on track for a second straight weekly advance. Mounting supply risks in the Middle East have outweighed the impact of a fresh release of emergency reserves. The market is weighing two opposing forces. On one side, tensions in the Middle East threaten to disrupt supply. On the other, emergency reserves have been released to calm prices. So far, supply concerns have had the stronger effect, pushing oil toward a second weekly gain.