FX.co ★ Oil Set for Second Straight Weekly Rise

Crude oil traded above $86 per barrel on Friday and was on track for a second consecutive weekly gain, up nearly 6% so far this week. The advance came amid persistent US-Iran tensions, with no sign of de-escalation in their standoff over the Strait of Hormuz. Washington is moving to further isolate Iran’s economy in what President Donald Trump has called an “economic D-Day,” with details of the initiative expected on Monday. The planned measures are expected to sever Tehran from key international financial and commercial channels, targeting banks, businesses, shipping registries, cash transfers and smuggling networks. The United States aims to tighten economic pressure on Iran to push it toward negotiations over the conflict, its nuclear programme and its control of the Hormuz chokepoint. Separately, a wave of Ukrainian strikes on Russian energy infrastructure has triggered fuel shortages in some regions, adding additional strain to global oil markets.