Oil prices post second weekly loss as US keeps Iran blockade

Oil prices fell for a second consecutive week as the United States maintains its blockade on Iran, reducing the likelihood of renewed large-scale fighting that could disrupt regional supplies, though ship attacks remain a risk. Brent crude futures declined about 0.3% to $95.54 per barrel, while U.S. crude contracts dropped 0.6% to $88.17. Friday's losses erased two days of gains in a volatile trading week that began with hopes for a breakthrough to end the Iran war, now in its ninth month. Brent is expected to fall 2.4% this week after dropping 16% last week, while U.S. crude is set to lose 2.5% following a 13% decline. Prices fell after President Donald Trump wrote on Truth Social that an agreement with Iran is unnecessary to end the war, pledging to continue the oil blockade and sanctions. U.S. crude inventories rose by 4.7 million barrels to 414.4 million in the week ending November 6, versus analyst expectations for a 1.1 million barrel draw.