Oil posts sharp weekly gain while gold and Bitcoin jump on US Treasury buyback plans

Oil prices posted a second straight weekly gain, with Brent settling above $90 for the first time in a month, while gold and Bitcoin jumped on Friday amid Iran war uncertainty and a US push to double its bond buyback programme.

Crude had already surged by 3 per cent on Thursday after the US announced measures to tighten the economic pressure on Iran, and remained elevated after the US further threatened Iran with its “toughest sanctions” yet.

Brent, the benchmark for two thirds of the world's oil, added 0.65 per cent to settle at $94.39 a barrel. West Texas Intermediate, the gauge that tracks US crude, closed 0.26 per cent higher at $87.06 per barrel.

From last week's closing, Brent leapt 6.6 per cent, while WTI increased 5.7 per cent.

US Treasury Secretary Scott Bessent on Thursday said Washington would impose even more punitive economic sanctions on Tehran to break the impasse in negotiations.

The two sides reached an initial two-month ceasefire agreement in June to prepare the ground to end the conflict. The agreement, however, unravelled and the US has changed tactics to increase the pressure on Iran's already wobbling economy.

Mr Bessent said he was planning to hold a news conference on Monday “to talk about exactly what we're going to do”.