FX.co ★ Crude Oil Rises for Second Straight Week

Crude oil traded just below $87 a barrel on Friday and is on track for a second straight weekly gain of about 5%. Prices remain supported by expectations of heightened US pressure on Iran and the absence of a clear resolution to the conflict that has disrupted energy flows across the Middle East. Treasury Secretary Scott Bessent said details of Washington’s new measures to further isolate Iran’s economy will be announced next Monday, after President Donald Trump described the initiative as an “economic D-Day.” The measures could target countries that continue trading with Tehran, including China, the largest purchaser of Iranian crude. Beijing has rejected such economic pressure and has instead called for a diplomatic solution. Supply concerns are also being amplified by disruptions in Russia’s energy sector, as Ukrainian attacks on refineries and ports have curtailed fuel production and contributed to shortages in some regions.