Baghdad: Oil prices were headed for weekly gains on Friday as attacks on two oil tankers in the Red Sea raised concerns about the closure of a second strategic shipping lane, while Kazakhstan temporarily cut production after its main export route was forcibly shut down. Brent crude futures fell 72 cents, or 0.72%, to $99.97 a barrel, but are on track for a 13.5% weekly gain. West Texas Intermediate crude futures dropped 70 cents, or 0.76%, to $91.49 a barrel, heading for a 10.9% weekly rise.

According to Iraqi News Agency, the recent attacks have heightened fears over potential disruptions in oil supply, causing fluctuations in the global oil market. The Red Sea is a crucial route for oil transportation, and any threat to its accessibility can significantly impact oil prices worldwide. Additionally, Kazakhstan’s decision to cut production due to the shutdown of its main export route further contributes to uncertainties in the market. Despite the temporary decline in oil prices, the market remains volatile with the potential for further price adjustments.