Oil headed for another weekly gain as the war in the Middle East dragged on, with the Strait of Hormuz all-but-closed, strikes continuing across the region, and analysts warning the crisis may deepen.
Brent traded above a $108 barrel, up more than 5% this week, after closing on Thursday at the highest since mid-2022. West Texas Intermediate for May was around $94. In the region, the Islamic Revolutionary Guard Corps said it was still able to produce missiles, the semi-official Fars news agency reported. Elsewhere, Kuwait shut down severa units at Al Ahmadi Refinery following drone attacks, and Saudi Arabia intercepted missiles.