Oil prices set for second weekly gain amid Middle East supply disruptions

Oil prices edged lower on August 21 but remained on track for a second consecutive weekly increase as the ongoing U.S.-Iran conflict continued to disrupt crude supplies from the Middle East.

Brent crude futures fell 23 cents, or 0.3%, to $93.55 a barrel by 0142 GMT, after rising 2.4% in the previous session. U.S. West Texas Intermediate (WTI) crude declined 33 cents, or 0.4%, to $86.50 a barrel after gaining 2.3% a day earlier, Reuters reports.

Over the previous five trading sessions, Brent had risen more than 7%, while WTI gained more than 8%, with both benchmarks reaching their highest levels since July 24.

The gains have been driven by concerns that the unresolved U.S.-Iran conflict could prolong disruptions to oil supplies from major producers, including Saudi Arabia, Iraq, the United Arab Emirates and Kuwait.

By Sabina Mammadli