Oil prices head for second weekly drop as US maintains Iran blockade

Global oil prices edged lower on Friday, and were heading for a second consecutive weekly decline as expectations that the US would maintain its blockade on Iran eased fears of further military escalation in the Middle East.

Brent crude futures fell 0.29% to $95.54 per barrel, while US West Texas Intermediate (WTI) dropped 0.63% to $88.18 at 0527 GMT, according to Reuters. 

Brent was on track for a 2.3% weekly decline, while WTI was set to lose 2.4%, following sharp losses in the previous week.

Prices came under pressure after US President Donald Trump indicated that Washington did not need an agreement with Tehran to end the conflict, signalling that the blockade and economic sanctions would continue.

However, supply concerns persisted amid reported attacks on oil tankers in the Strait of Hormuz and Houthi claims of strikes on Saudi energy infrastructure.