Oil Market Rises Amid Red Sea Tensions Escalation and Production Cuts in Kazakhstan

Oil prices are heading for weekly gains this Friday, as attacks on oil tankers in the Red Sea sparked fears of a second strategic shipping lane closing, while Kazakhstan temporarily cut production after its main export route was forcibly shut. By 01:26 GMT, Brent crude futures fell 72 cents (0.72%) to $99.97, but are on track for a 13.5% weekly gain. West Texas Intermediate futures dropped 70 cents (0.76%) to $91.49, poised for a 10.9% weekly rise.