WTI crude oil futures rose more than 2% to about $60.8 per barrel on Friday, extending gains for a fifth straight week supported by geopolitical and supply risks. The move followed renewed warnings from US President Donald Trump toward Iran, raising concerns over potential military action that could disrupt oil flows. Trump said the US has an armada heading toward Iran, while US officials confirmed warships including an aircraft carrier and guided missile destroyers will arrive in the Middle East in coming days. Supply worries were reinforced by ongoing outages in Kazakhstan, where output at the giant Tengiz oilfield has yet to resume after a shutdown earlier this week. Also, the dollar slid toward its worst week in seven months, making crude cheaper for non-US buyers amid strained US-Europe relations and unresolved Ukraine peace talks. However, gains remain capped by expectations of oversupply, with the IEA projecting global stockpiles to rise by 3.7 million bpd this year.
