Oil Heads for Weekly Advance With Iran War Resolution at Impasse

Oil headed for a weekly gain as the crucial Strait of Hormuz remains effectively closed, with efforts to end the war in limbo and disruptions that have upended global markets set to linger.

West Texas Intermediate edged toward $102 a barrel, with futures up almost 7% this week. Brent crude closed near $106 on Thursday. A US naval blockade of Iran’s ports remains in place, while the waters in the region continue to be treacherous for mariners. A commercial vessel was seized by unauthorized personnel at the entrance to the strait and taken into Iranian waters.