STORY: Oil prices headed for weekly gains on Friday....
despite the U.S. trying to ease supply concerns by issuing a 30-day license for countries to buy Russian oil and petroleum products stranded at sea.
Brent futures for May were over $101 a barrel heading for a weekly increase of nearly 10%.
And U.S. West Texas Intermediate was poised for more than a 6% uptick.
The Russia license was issued in what Washington said was a step to stabilize global energy markets.
They've been roiled by the U.S.-Israeli war on Iran.
But analysts said this has failed to resolve wider supply constraints.
Kevin Nicholson of RiverFront Investment Group, says rising oil prices could slow economies across the globe.
"Think about the transportation costs for all of the goods that we purchase. And so that's going to then get passed on to the price of a good. And so that is not just going to be higher prices at the pump, but it could be higher prices at the grocery store, could be higher furniture prices. Pretty much any good that we buy, you know, that's going to get passed on."
The announcement on Russian oil came a day after the U.S. Energy Department said Washington would release 172 million barrels of reserve oil.
That plan was coordinated with the International Energy Agency.
It agreed to release a record 400 million barrels of oil from stockpiles, including the U.S. contribution.
Two fuel tankers in Iraqi waters were struck by explosive-laden Iranian boats, Iraqi security officials said on Thursday.
An Iraqi official told state media that the country's oil ports have completely stopped operations.
And Iran's supreme leader has vowed to keep the vital Strait of Hormuz shut.
