Oil edges lower, but heads for weekly gain as Middle East supply risks persist

Oil prices fell in early trading on Friday but remained on track for weekly gains as the United States and Iran continued trading ​strikes. Concerns that accelerating inflation could soften oil demand weighed on the market ‌and pressured prices. Brent futures fell 6 cents, or 0.08%, to $76.24 a barrel by 0125 GMT. US West Texas Intermediate (WTI) crude lost 4 cents, or 0.06%, to $72.04. For the week, Brent was set ​for a 6% gain and WTI was headed for a 5% increase. Iranian ​armed forces launched attacks on US military infrastructure in Gulf states on ⁠Thursday following US strikes on Iran’s southern coastal and eastern provinces, further straining ​a three-week-old ceasefire. Separately, Iranian media reported multiple explosions across southern Iran, including Bushehr, where ​one of the country’s nuclear plants is located.