International crude oil edged lower on Friday, with a weekly increase of nearly 9%.

⑴ On Friday, crude oil prices edged down slightly, trading near $90 per barrel. The weekly gain was close to 9%, marking the best weekly performance since mid-July, with the US-Iran geopolitical tensions dominating market sentiment. ⑵ After about a month, the US and Iran have resumed military strikes, leading the market to worry about potential disruptions to crude oil supply; Israel has made statements claiming it will severely damage both Iranian military and civilian infrastructure, further increasing risk-averse sentiment in the market. ⑶ US Vice President Vance stated externally that unless Iran stops attacking commercial shipping in the Strait of Hormuz, the US will not engage in negotiations with Iran. ⑷ On the supply side, crude oil is still flowing into global markets, with Iraq’s crude oil exports rising in August and export volumes expected to increase further in September. ⑸ OPEC+ will hold a meeting on Sunday, and the market widely expects the organization to keep its October crude oil output policy unchanged.