Oil hits second straight weekly gain amid Iran conflict

Oil prices rose significantly throughout the week, as fears of disruptions to oil supplies in the Middle East continued to escalate due to U.S. threats to impose sanctions on Iran's partners, regional tensions, especially with the ongoing blockade of the Strait of Hormuz, and Iran's reduced oil exports. The market improved after Brent crude increased by 6.39% and West Texas Intermediate by 5.66%, with expectations that escalating tensions in the region could lead to further supply disruptions, despite some countries taking alternative precautions such as rerouting pipelines and increasing shale oil production. Supply risks remain due to ongoing geopolitical tensions, particularly with Iran's declining exports and the heightened possibility of escalation of conflicts in the region.

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