Brent Set for Weekly Gain on Israel-Iran Escalation

Brent crude oil futures rose above $77 per barrel on Friday, heading for a third consecutive weekly gain, as escalating hostilities in the Middle East continued to fuel fears of regional supply disruptions.

Israel and Iran continued to exchange strikes, with Israel ordering intensified attacks on strategic and government targets in Tehran.

The escalation followed reports of an Iranian missile hitting a major hospital in Israel.

Meanwhile, all eyes are on the White House as President Donald Trump weighs launching direct military strikes on Iran, with a decision expected within two weeks.

Despite the heightened risks, reports indicated that Iran is maintaining crude exports, loading 2.2 million barrels per day so far this week—the highest in five weeks.

Separately, oil prices were supported by a sharper-than-expected drop in US crude inventories earlier in the week, with government data showing the largest weekly decline in a year.