Oil heads for weekly gain as Middle East supply risks persist

Brent crude traded at $76.34 a barrel while WTI was at $72.15, heading for weekly gains of about 6% and 5% respectively amid Middle East supply concerns. Renewed US-Iran fighting has stalled reopening of the Strait of Hormuz, which carried about 20% of daily global oil and gas supplies before the war. However, upside appears capped by market confidence in diplomatic resolution and the US decision to avoid targeting Iranian energy infrastructure.