Oil heads for longest weekly rally since 2015 as US ends Iran waiver

Oil's 43 per cent rally this year has been driven by the Organization of Petroleum Exporting Countries and its allies cutting output and disruptions from Venezuela to Libya

Oil headed for its longest weekly winning streak in almost four years on the prospect of a supply crunch, although the gains are moderating as investors wait for OPEC’s response to tighter US sanctions on Iran.

Futures in New York are up 1.3 per cent so far this week, heading for an eighth weekly advance. While the White House’s announcement that it will end waivers allowing some buyers to import Iranian oil spurred a 3.6 per cent jump over Monday and Tuesday, over half of that gain has since been lost. Brent crude spiked briefly above $75 a barrel Thursday as