Oil prices head for weekly drop as US Iran blockade eases war fears

Oil prices were mixed on Friday, heading for a second weekly decline as the US blockade of Iran reduced fears of renewed Middle East fighting, though shipping attacks kept supply risks alive. Brent rose 0.26% to $96.04 a barrel, while WTI fell 0.20% to $88.59. President Donald Trump indicated a deal with Iran was unnecessary, raising expectations Washington would rely on sanctions and oil shipment restrictions rather than military escalation. Weak US demand, with rising crude and fuel inventories, also pressured prices, according to analysts. Brent is set for a 2.3% weekly drop after plunging 16% previously, while WTI is set for a 2.4% decline. Risks persist in the Strait of Hormuz, where Iran reported tanker explosions, and Houthi attacks on Saudi infrastructure remain a threat.