Oil rises over 7% weekly on US-Iran tensions
Oil prices rose significantly at the end of the week, as the United States and Iran resumed exchanges of military strikes. This led to an increase in Brent crude futures by 0.8%, reaching $92.68 per barrel, and West Texas Intermediate (WTI) crude by 0.2%, reaching $91.48. Both benchmarks recorded weekly gains of 7.6% and 10%, respectively. The military escalation and ongoing conflict in the Middle East caused disruptions in oil supplies, putting additional pressure on the markets and boosting expectations for crude prices. Meanwhile, diesel prices in the United States reached unprecedented levels due to supply disruptions. This was accompanied by heightened geopolitical risks and rising concerns about a slowdown in the global economy, driven by high inflation and energy prices.
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