Brent Hits 4-week High

Brent crude oil traded just below $94 a barrel on Friday, heading for a second consecutive weekly gain of around 6%. Prices remained supported by expectations of further US pressure on Iran, with no clear end to the conflict that has disrupted Middle Eastern energy flows. Treasury Secretary Scott Bessent said details of Washington’s new measures to isolate Iran’s economy would be announced next Monday, after President Donald Trump described the initiative as an “economic D-Day.” The measures could affect countries that continue trading with Tehran, including China, the largest buyer of Iranian crude. Beijing has rejected economic pressure and called for a diplomatic solution. Supply concerns are also being reinforced by disruptions to Russia’s energy sector, where Ukrainian attacks on refineries and ports have affected fuel production and contributed to shortages in some regions.

Brent increased to 94.24 USD/Bbl, the highest since July 2026. Over the past 4 weeks, Brent Crude Oil gained 0.02%, and in the last 12 months, it increased 38.92%.

Brent crude traded above $93 per barrel on Friday and was on track to post a second consecutive weekly gain, rising more than 5% so far this week. The gains came as the US-Iran conflict showed no signs of abating, with the two sides locked in a dispute over the Strait of Hormuz. The US is moving to isolate Iran’s economy in what President Donald Trump described as an "economic D-day,” with details of the initiative expected on Monday. The proposed measures are likely designed to cut Tehran off from international financial and commercial channels, including banks, businesses, shipping registries, cash transfers and smuggling networks. Washington aims to increase economic pressure on Iran and push Tehran toward negotiations over the conflict, its nuclear programme and control of Hormuz. Elsewhere, a series of Ukrainian strikes on Russian energy infrastructure has caused fuel shortages in some regions, adding further pressure to global oil markets.