Oil prices head for weekly gains amid anticipation of U.S.-Iranian escalation impacts

Oil prices have risen modestly, as markets await the repercussions of the US-Iran escalation amidst ongoing military clashes targeting Iranian sites, which have heightened tensions in the Gulf region, especially the Strait of Hormuz. Despite this, prices still hold most of their weekly gains, with the market viewing the escalation as limited and not significantly threatening oil supplies.

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