Brent crude oil futures trimmed earlier losses to around $85.5 per barrel on Friday, remaining on track for the biggest weekly jump since early 2022. The earlier drop of as much as 3% followed signals from the US of near-term measures to curb surging energy prices, potentially including releases from strategic crude reserves, relaxed fuel-blending requirements, and allowing the Treasury to trade oil futures. Still, crude marked about a 20% gain this week, as the Middle East conflict has severely disrupted energy markets, with shipping through the Strait of Hormuz nearly halted. Hostilities showed no sign of easing, with Iran denying reports of requesting a ceasefire and signaling no willingness to negotiate. Iran also launched missiles and drones across the Gulf, striking an oil refinery in Bahrain, while Israel continued airstrikes on Tehran and the US suspended operations at its embassy in Kuwait.
