Oil approaches largest weekly rise since July

Oil prices rose significantly during the week, approaching the $100 per barrel mark for the first time since May. This increase was driven by intensifying attacks on shipping routes in the Middle East, raising concerns over prolonged disruptions to supplies. The price of Brent crude rose by $1.05 to $108.68 per barrel, while West Texas Intermediate crude increased to $103.45, marking a weekly gain of about 13 percent—the largest since July. The rise is attributed to the escalating attacks in the region and heightened tensions between Iran and the United States, with expectations that prices could climb even further if the tensions continue to escalate.

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