Oil posts weekly gains amid global slowdown warning
Oil prices experienced a strong surge during the week, with Brent crude increasing by 7.6% to reach $92.68 per barrel. U.S. West Texas Intermediate crude also rose by 10% to $91.48. These gains were driven by ongoing tensions in the Middle East and escalating conflicts between the United States and Iran, which have disrupted supply routes. Additionally, diesel prices in the United States hit unprecedented levels, averaging $5.85 per gallon, with expectations of further rises due to declining inventories and the impact of the agricultural season. These increases are fueling inflation and rising borrowing costs, with warnings that the global economy could slow down if current crises are not resolved.
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