Oil prices head for strong weekly gains

SadaNews Economy - Oil prices are on track to record strong weekly gains today, Friday, despite the United States' efforts to quell fears of supply shortages by issuing a 30-day license allowing countries to purchase Russian oil and petroleum products stranded at sea.

Brent crude contracts for May 2026 rose by 10 cents or 0.1% to $100.56 per barrel, heading towards weekly gains of nearly 9%, according to CNN.

In contrast, West Texas Intermediate crude for April fell by 16 cents or 0.2% to $95.57 per barrel, but it is still on track for a weekly rise of about 7%.

Both benchmark crude oils jumped by more than 9% on Thursday, marking their highest levels since August 2022.