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

Oil prices were mixed on Friday but headed for a second consecutive weekly decline as the US plans to maintain its blockade on Iran, reducing the likelihood of renewed large-scale conflict that could disrupt Middle East supplies, though shipping attacks remain a threat. Brent futures were nearly unchanged at $95.41 a barrel, while West Texas Intermediate fell 0.25 percent to $88.52. The declines reversed two days of gains in a volatile week, with hopes for a US-Israel rapprochement with Iran offset by Houthi strikes on Saudi infrastructure and attacks on tankers in the Gulf. Brent is set for a 2.4 percent weekly drop after plunging 16 percent the previous week, while WTI is poised for a 2.5 percent decline following a 13 percent fall. US President Donald Trump said on Truth Social that a deal with Iran was unnecessary to end the war, signaling continued sanctions and blockade. Risks persist for shipments through the Strait of Hormuz, where Iran reported explosions hit four tankers, and US crude inventories rose by 4.7 million barrels last week, exceeding expectations.