LONDON (Reuters) - Oil prices were steady on Friday and were on track for a second straight weekly gain.
Brent crude futures rose 20 cents, or 0.21%, to $93.98 a barrel by 1307 GMT. U.S. West Texas Intermediate crude was up 7 cents, or 0.08%, at $86.90.
The Brent benchmark has gained more than 6.1% while WTI has risen 5.3% this week, with both touching their highest since July 24 in the previous session.
“The U.S. is taking a very firm stance against Iran, with 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.
Iran said on Friday that its response to any new U.S. threats would be “devastating” after Washington pledged to impose the toughest financial penalties in history.
Oil prices have climbed on concerns over the continued curtailment of supply from major oil producers such as Saudi Arabia, Iraq, the United Arab Emirates and Kuwait.
Seven commodity ships sailed along the Strait of Hormuz on Thursday, which was only half the previous day’s tally, data from ship-tracker Kpler showed.