Baghdad: Oil prices are on track for their second consecutive weekly gain after the United States threatened to impose the harshest sanctions in history on Iran, while no end to the disruptions affecting oil flows from the Middle East appears in sight. Brent crude futures rose 9 cents, or 0.10%, to $93.87 a barrel, while U.S. West Texas Intermediate (WTI) crude futures fell 17 cents, or 0.20%, to $86.66.

According to National Iraqi News Agency, Brent has risen more than 6.1%, while WTI has gained 5.3% since the start of the week, both hitting their highest levels since July 24 in the previous session. Prices have been boosted by concerns about continued supply disruptions from major oil-producing nations such as Saudi Arabia, Iraq, the UAE, and Kuwait.

The previous agreement between Tehran and Washington expired this week without either side making any effort to resume talks. Trade sources reported that Iranian crude oil offers to Chinese buyers have decreased, while prices have risen this week after US san
ctions curtailed Tehran’s shipments, with Washington threatening further sanctions.