Brent crude futures settled at $63.46 a barrel, up 7 cents. They clocked a weekly rise of about 1.7%. U.S. West Texas Intermediate crude settled at $56.20 a barrel, rising 18 cents. It gained about 1.2% on the week. U.S. economic growth slowed less than expected in the second quarter with a boom in consumer spending, strengthening the outlook for oil consumption.
LONDON: Midnight on Sunday will mark a dividing line in the world of oil. Beyond that point, anyone unloading a tanker from Iran risks the full wrath of the US government.
While the US softened its crackdown on the Middle East’s third-biggest oil producer yesterday, allowing some trade to continue, exports are already slumping. Shipments have plunged 37% since President Donald Trump announced that he’d reimpose sanctions, and once those penalties kick in on Nov 5, the overall supply disruption could become the biggest since Libya erupted in civil war at the start of the decade.
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