• Oil headed for its first back-to-back weekly drop this year as a wider risk-off mood driven by hawkish comments from Federal Reserve policymakers countered sustained tensions in the Middle East.
  • Brent traded near $87 a barrel after declining every session this week, despite Iran’s attack on Israel last weekend. West Texas Intermediate was above $82. Investors are increasingly concerned US interest rates will remain higher for longer, with Fed members signaling that a pivot toward looser policy remains some way off. That’s aided the dollar, a headwind for commodities.