Brent crude futures gained 4 cents to $93.82 a barrel

Oil prices were little changed on Friday, but were on track for a second weekly rise as the stalemated Iran-US war ​continues to disrupt supply from the key West Asia producing ​region.

Brent crude futures gained 4 cents to $93.82 a barrel by 0142 GMT, after jumping 2.4 per cent in the previous session.

During the previous five days of gains, Brent rose more than 7 per cent and WTI jumped more than 8 per cent, reaching their highest since July 24.

Prices have jumped on concerns the inconclusive state of the US-Israeli war on Iran will mean the continued curtailment of supply from major oil producers such as Saudi Arabia, Iraq, the UAE and Kuwait.

The earlier peace deal between them expired this week with no ‌effort by either side to restart talks.

Both sides are dug in but lacking the luxury of time to play the waiting game, against a backdrop of crude prices grinding unerringly higher, IG analyst Tony Sycamore said on Friday.

This week, the United Arab Emirates suspended all financial and ‌economic transactions with Iran until further notice, highlighting the fraught ties between the major Gulf Arab oil producer and Tehran.

The blockade of the Strait of Hormuz and tit-for-tat attacks by the warring sides have disrupted world oil and gas ‌flows.

Shipping ​traffic through the ​Strait of Hormuz on Wednesday was unchanged from the day before with nine vessel transiting the waterway, far below pre-war levels. Prior to the Iran war, shipments ​equal to about one-fifth of world consumption moved through the waterway.