Oil prices head for second weekly drop as US keeps Iran blockade

Oil prices were mixed Friday but headed for a second weekly decline as the US plans to maintain its Iranian blockade, reducing chances of large-scale Middle East conflict disrupting supplies, though shipping attacks remain a threat. Brent futures were nearly unchanged at $95.41 a barrel, while West Texas Intermediate fell 0.25% to $88.52. Brent is set for a 2.4% weekly drop after plunging 16% last week, with WTI down 2.5% following a 13% decline. President Donald Trump said on Truth Social that a deal with Iran was unnecessary, signaling continued sanctions and blockade. Risks persist for Strait of Hormuz shipments, with Iran reporting explosions on four tankers and Houthis attacking Saudi infrastructure. US crude inventories rose 4.7 million barrels last week, exceeding expectations.