By Robert Harvey LONDON, April 10 (Reuters) - Oil prices were poised for their biggest weekly declines since last June despite Friday's modest gains on the back of fresh concerns over supplies from Saudi Arabia and flows through the Strait of Hormuz.

Oil prices slumped Wednesday on hopes that a two-week ceasefire in Iran could pave the way for a resumption of oil production and flows in the Middle East. But experts warn that, even if flows resume,

Even if transit through the Strait of Hormuz resumes, the return of energy supplies is unlikely to be immediate. Output has already been reduced at oil and gas fields, while refinery operations have been curtailed or temporarily shut, suggesting that some supply disruptions may take weeks, or longer, to fully reverse.

By Colleen Howe BEIJING, April 10 (Reuters) - Oil prices rose in early trading on Friday following attacks on Saudi energy infrastructure, and as markets evaluated the risk premium from the ongoing closure of the Strait of Hormuz,

Israel's military campaign in Lebanon threatens to unravel the U.S.-Iran ceasefire. U.S. oil prices rose Thursday but pulled back from session highs after Israel agreed to negotiate with Lebanon.

If the United States buys so little oil from the Persian Gulf, why would a war in the region cause gas prices here to spike?

"This is a potentially huge market event like no other. It's a known unknown with a clock," one investment adviser said.

Texas produced nearly half of all U.S. oil last year despite having drilled fewer new oil wells in 2025, a trend that analysts and industry groups said is possible due to the state’s geological makeup,