Oil prices hold steady amid US-Iran tensions

Global oil prices remained largely stable on Friday as traders assessed the risk of renewed tensions between the United States and Iran alongside signs of improving oil supplies from the Middle East.

Brent crude edged down 3 cents, or 0.03%, to $102.28 per barrel at 0350 GMT. Despite the minor decline, Brent was on track for a weekly drop of around 2% after gaining more than $4 in the previous session.

US West Texas Intermediate (WTI) crude also slipped 19 cents, or 0.2%, to $92.68 a barrel. However, WTI was heading towards a weekly gain of roughly 0.3%.

Market activity remained cautious as traders considered conflicting developments affecting global supply. Improving Saudi oil exports provided some relief, while reports of additional US military deployments to the Gulf raised concerns about possible disruptions.

China has also suspended oil product exports for October as Beijing seeks to strengthen domestic fuel reserves. The move supported oil prices in the previous session by raising concerns over tighter supplies in international markets.

The United States is reportedly considering sending another aircraft carrier and thousands of additional troops to the Middle East as President Donald Trump weighs the possibility of renewed strikes against Iran following the US midterm elections.

Analysts said the availability and movement of Middle Eastern crude and refined products remain key concerns for the global market. Oil prices above $100 a barrel have also emerged as an important psychological threshold for traders.

Meanwhile, the United States has urged Germany and France to release emergency diesel stocks to help ease pressure on global fuel prices. Washington has reportedly asked European countries to release about 120 million barrels of diesel over the next six months.