Oil prices were higher today but still posted a week over week loss as tensions in the Middle East have helped support prices. “The market’s main focus is on whether Iran will retaliate against Israel,” said Andrew Lipow, president of Lipow Oil Associates, with the fear of supply disruption associated with the events in the Middle East supporting prices. Meanwhile supply chain risks are still front and center as Iran maintains threats to shut down the Suez Canal. Friday’s gains erased the previous session’s losses, which were dominated by stubborn U.S. inflation that dampened hopes for an interest rate cut as early as June. WTI traded up $.64 to close at $85.66. Brent traded up $.71 to close at $90.45.