Crude oil nears biggest weekly rise

Oil prices rose during Friday's trading session, heading for their biggest weekly gains since mid-July, due to escalating tensions and renewed military actions between the United States and Iran. This has heightened concerns over oil supplies in the Middle East. Brent crude reached $95.67 per barrel, increasing by 0.2%, while West Texas Intermediate rose to $91.56, up 0.3%, achieving weekly gains of 7.1% and 9.8% respectively. The increases come amid fears of an escalation in the regional conflict and its potential impact on oil production, as diplomatic agreements with Iran remain elusive, despite signals from Russia about the possibility of reaching a settlement.

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