Oil edges lower, but heads for weekly gain as Middle East supply risks persist

Oil prices edged lower but were set for strong weekly gains, with Brent crude at $76.24 and WTI at $72.04, up about 6% and 5% respectively for the week. Rising Middle East tensions, including Iranian attacks on US military infrastructure in Gulf states and delays in reopening the Strait of Hormuz (a chokepoint for about 20% of global oil and gas supply), supported prices. However, concerns over accelerating inflation in the US and China, which could dampen oil demand, capped further upside.