Doha: Oil prices were on track for weekly gains as uncertainty in the market over global supply and escalating geopolitical tensions continued. Brent crude futures fell 72 cents, or 0.72%, to $99.97 a barrel but remained on course for a weekly gain of 13.5%. US West Texas Intermediate (WTI) crude futures also declined, falling 70 cents, or 0.76%, to $91.49 a barrel, while remaining set for a weekly increase of 10.9%. According to Qatar News Agency, on Thursday, Brent settled 7% higher and WTI gained 6.2%, lifting Brent above $100 a barrel for the first time since May. Rising tensions in the Strait of Hormuz and Bab el-Mandeb Strait have heightened concerns over potential disruptions to global oil shipments and supply chains.
