Oil prices have edged lower but are on track for a second straight weekly gain after the United States threatened to impose the toughest sanctions in history with no end in sight for disruptions to Middle East oil flows, Reuters reports.
Brent crude futures fell 50 cents, or 0.53 per cent, to $93.28 a barrel by 9:49am GMT (2:49pm PKT). US West Texas Intermediate crude futures slipped 44 cents, or 0.51pc, to $86.39.
The Brent benchmark has gained more than 5.4pc while WTI has risen 4.8pc this week, with both touching their highest since July 24 in the previous session.
“The US is taking a very firm stance against Iran, with the blockade back in place and threats of tougher sanctions on Iranian oil exports, and that’s why we are seeing oil prices back above $90 a barrel,” said ANZ analyst Soni Kumari.
