Oil prices fell on Friday, with Brent crude futures down 23 cents to $93.55 a barrel and U.S. West Texas Intermediate futures slipping 33 cents to $86.50 a barrel. However, both benchmarks are on pace for a second consecutive weekly increase after gaining more than 2% in the previous session. Brent has risen about 7% over the past five days, while WTI has climbed more than 8%, reaching levels not seen since July 24. Analysts attribute the price movement to concerns that the ongoing U.S.-Iran conflict may sustain reduced output from Saudi Arabia, Iraq, the United Arab Emirates and Kuwait. IG analyst Tony Sycamore said the market is "grinding higher" as both sides remain entrenched and lack the time to wait. BMI, a unit of Fitch Solutions, said it will review its Brent price outlook this month, noting that upside risks are tilted. The firm added that export pressure is heightened by disruptions in the Strait of Hormuz, where Iranian shutdowns and a U.S. naval presence limit traffic, and by a Houthi embargo in the Red Sea. Thousands of casualties have been reported since the conflict began on February 28, when U.S. and Israeli forces launched strikes against Iran. On Wednesday, President Donald Trump warned of "economic warfare and isolation on an unprecedented scale" against Tehran and any nation providing a lifeline to Iran. The United Arab Emirates this week suspended all financial and economic transactions with Iran pending further developments. The situation remains unresolved, with no immediate prospect of renewed negotiations.