Oil Heads for Weekly Decline Despite Middle East Supply Threats

Oil prices edged up on Friday but were headed for a second weekly decline as the continued US focus on its blockade and economic pressure on Iran eased fears of renewed fighting in the Middle East, though shipping attacks remained a supply risk.

Brent futures LCOc1 were up 53 cents, or 0.55%, to $96.35 a barrel at 0900 GMT. US West Texas Intermediate (WTI) futures CLc1 added 20 cents, or 0.23%, to $88.94 a barrel.

For the week, Brent and WTI were both on track for a 2% drop. The benchmarks plunged 16% and 13%, respectively, last week.

"The market is range bound post midterms. The ability for more hostilities (in Iran) is restricted but a deal is equally elusive," said Jeff Currie, founder of Real Macro and former global head of commodities research at Goldman Sachs.

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