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SINGAPORE: Oil prices rose on Friday, heading for their steepest weekly gain since mid-July, as rising tension and renewed U.S.-Iran hostilities heightened \u200bconcerns over Middle East supply risks.<\/strong><\/p>\n Brent crude futures rose 54 cents, or \u200c0.6%, to $96.06 a barrel by 0100 GMT, while U.S. West Texas Intermediate crude futures climbed 80 cents, or 0.9%, to $92.10.<\/p>\n On a weekly basis, Brent rose 7.6% and WTI was 10.4% higher, set \u200bfor the highest gains since the week ended July 20. The war, which began with U.S.-Israeli \u200bstrikes in late February, is now in its seventh month.<\/p>\n Israeli Defence Minister Israel Katz renewed \u200bwarnings that Israel would \u201ccripple\u201d Iran\u2019s military and civilian infrastructure, including energy facilities.<\/p>\n ANZ analysts raised their Brent crude forecast on Friday to $95 a barrel in the short term, with upside risk if the \u200bMiddle East conflict intensifies.<\/p>\n \u201cThe market is entering a delicate adaptation phase. Elevated inventories helped \u200babsorb the initial supply crisis, but the challenge is now to keep the market balanced as \u200cthose \u2060buffers diminish,\u201d the analysts said.<\/p>\n U.S. Vice President JD Vance told reporters on Thursday that Washington does not plan to hold talks with Iran unless Tehran stops attacking commercial shipping in the Strait of Hormuz.<\/p>\n Capping oil\u2019s advance, however, Russian President Vladimir Putin said there \u200bremained a path to \u200ba deal to \u2060end the war in Ukraine, adding that both the U.S. and China were prepared to support a peace settlement.<\/p>\n Meanwhile, Iran expanded its list \u200bof vessels it deems non-compliant and subject to fines, confiscation or \u200bdetention if \u2060they attempt to transit the strait.<\/p>\n Iraqi ships remain among the few vessels Tehran has cleared to pass through Hormuz.<\/p>\n Iraq increased its oil exports to around 2.34 million barrels \u2060per \u200bday in August from about 1.35 million bpd in \u200bJuly, two Iraqi energy officials said on Wednesday, with September exports also expected to increase as heavy discounts \u200band Iranian approvals for Iraqi tankers encouraged buyers.<\/p>\n<\/div>\n
U.S. attacks this \u200bweek that killed and wounded dozens, including Iranian civilians, marked the \u2060fiercest clashes between the two countries since July.<\/p>\n