Oil headed for its biggest weekly gain since July as renewed US-Iran hostilities heightened concerns about prolonged disruptions to energy flows through the Strait of Hormuz.
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Oil crept higher as Iran claimed fresh strikes on US bases, while Saudi Arabia’s smaller-than-expected hike to its flagship crude prices offset some concerns about market tightness.
Oil steadied near the highest closing level in five weeks as fighting again raged between the US and Iran, renewing the threat to energy exports from the Middle East.
US oil prices topped $90 a barrel and European gas prices surged to a three year high, as fresh American strikes on Iran raised concerns about prolonged disruptions to energy flows through the Strait of Hormuz.
