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Oil prices surged significantly during the week, posting the largest gains since July, supported by renewed confrontations between the United States and Iran and fears of supply disruptions in the Strait of Hormuz. Brent crude rose to around $95.6 per barrel, while West Texas Intermediate increased to about $91.6. Additionally, shipping activity through the strait declined to its lowest levels amid growing concerns over Iranian sanctions and the detention of ships, following escalating tensions between the two countries. Meanwhile, gold prices remained steady ahead of the U.S. employment report, with a slight dip in prices and the associated implications for future interest rate decisions.
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