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December 12, 2018, a worker is seen at the new CPF3 oil station in the Halfaya oil field in southern Maysan province, Halfaya, Iraq.
Essam al-Sudani | Reuters
Oil prices fell on Friday, but both indexes recorded a weekly gain in the face of growing concerns over further supply disruptions in the Middle East due to US-Iranian political tensions.
An Iranian Revolutionary Guards Revolutionary Guards official said Friday that Iran could "easily" hit US warships in the Gulf, the latest in the earthquake between Washington and Tehran. Meanwhile, Iran's top diplomat has worked to counter US sanctions and save a nuclear deal denounced by President Donald Trump.
US sanctions against Iran have already cut OPEC's crude oil exports in May, reinforcing supply restrictions put in place through a pact led by the US government. 39, OPEC aimed at limiting production for the first six months of the year.
Futures contracts for West Texas Intermediate crude in the United States fell 11 cents to $ 62.76 per barrel. WTI recorded a weekly gain of 1.8%, its first rise in four weeks.
Brent crude futures dropped 41 cents to 72.21 dollars a barrel, but rose 2.3 percent for the week, recording their first gain in three weeks.
"Despite what we consider to be a balanced oil market at the national and global levels, oil prices are apparently still sensitive to the changing situation in the Persian Gulf, where minor military events are gradually causing a premium. of geopolitical risk, "said Jim Ritterbusch, president of Ritterbusch. associates
The Iranian Foreign Ministry on Friday rejected Saudi Arabia's accusations that Tehran has ordered an attack on Saudi oil facilities claimed by Yemen's aligned Houthi militia aligned with Iran.
Iran's elite Revolutionary Guards are "very likely" to have staged attacks easing four oil tankers last Sunday, including two Saudi ships off Fujairah in the United Arab Emirates, according to a report by Norwegian insurers by Reuters .
A Saudi-led military coalition in Yemen launched several airstrikes on Thursday in Sanaa, the capital of the Houthis.
"When tensions are so great and the United States deploys a considerable military force, even an error or tactical error by Iran could ignite the Middle East's powder keg," Stephen Innes told Reuters of the trading and market strategy at SPI Asset Management. by email.
"There is a lot of supply risk with such high voltages."
Trump told his senior advisers he did not want the United States to be involved in a war with Iran, three US officials said Thursday.
In addition to the decline in Iranian exports, Russian shipments have been disrupted and the North Sea – which is home to crude oil at the base of Brent – is also being refueled due to the maintenance and breakdown of oil fields.
The market is also expecting a decision from OPEC and other producers on the continuation of supply cuts, which have pushed prices up by more than 30% since the beginning of the year. year.
A meeting of an OPEC-led ministerial committee in Saudi Arabia this weekend will assess the commitment of Member States to conclude an agreement on the reduction of oil production and could formulate a recommendation on the desirability of extending or adjusting the pact.t.
Growing tensions in the Middle East have eclipsed bearish oil price developments this week, such as the unexpected rise in US crude oil inventories and consistently record production levels.
However, US energy companies this week reduced the number of oil rigs in operation for the second week in a row, the lowest level since March 2018, with some drillers pursuing their plans to cut spending.
Fears over global economic growth also weighed on oil prices as trade talks between the two countries stalled.
Chinese media have adopted an uncompromising approach in the tariff dispute between Washington and Beijing, saying the trade war would only strengthen China and never put the country on its knees.
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