Oil was on track for its biggest weekly advance since February after the Federal Reserve’s steep interest-rate cut, while traders continued to monitor steaming tensions in the Middle East.

West Texas Intermediate was trading at nearly USD 72 per barrel, marking an almost 5% increase for the week. The Brent oil closed below USD 75 on Thursday. The belief that the Fed can manage a smooth slowdown for the US economy has led to a more optimistic tone in broader financial and commodity markets.

A series of explosions involving walkie-talkies and pagers this week has raised concerns about a potential war between Hezbollah and Israel.

Neither side confirmed nor denied responsibility for the attacks, and there are worries that a broader conflict could involve Iran and disrupt crude oil flows from the region.

Despite the positive weekly trend, oil is still on track for a quarterly loss due to China’s economic slowdown and indications of abundant supply weighing on the market.

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