Oil prices edged lower during Asian trading on Friday but remained on track for a second consecutive weekly gain as the ongoing United States-Iran war continued to disrupt supplies from the key Middle East producing region.
By 3:05 pm AEST (5:05 am GMT), Brent crude futures for November had fallen 36 cents, or 0.4%, to US$91.61 a barrel, while US West Texas Intermediate (WTI) crude futures for October slipped 50 cents, or 0.6%, to US$86.33 a barrel.
For the week so far, Brent and WTI prices have risen 5.3% and 4.6%, respectively.
Oil prices have climbed as the lack of progress towards ending the U.S.-Iran war raises concerns over continued supply disruptions from major producers including Saudi Arabia, Iraq, the United Arab Emirates and Kuwait.
An earlier peace agreement expired this week without either side making an effort to resume talks, while U.S. President Donald Trump threatened economic retaliation against countries supporting Iran.
Seven commodity ships passed through the Strait of Hormuz on Thursday, half the previous day's total, according to Reuters, citing data from Kpler.
Trump also threatened Tehran with "economic warfare and isolation on an unprecedented scale" on Wednesday, warning of consequences for any country providing "any type of lifeline to Iran".
