Oil set for second weekly gain as US ramps up pressure on Iran

Aug 21 : Oil prices edged lower on Friday but were on track for a second straight weekly gain after the United States threatened to impose "the toughest sanctions in history" with no end in sight for disruptions to Middle East oil flows.Brent crude futures fell 17 cents, or 0.18 per cent, to $93.61 a barrel by 0802 GMT. U.S. West Texas Intermediate crude futures slipped 36 cents, or 0.41 per cent, to $86.47. The Brent benchmark has gained more than 5.8 per cent while WTI has risen 4.8 per cent this week, with both touching their highest since July 24 in the previous session."The U.S. is taking a very firm stance against Iran, with the blockade back in place and threats of tougher sanctions on Iranian oil exports, and that's why we are seeing oil prices back above $90 a barrel," said ANZ an