Oil Prices Rise 12% in a Week Amid Middle East Tensions

Oil prices noticeably increased over the week by approximately 12%, as the United States and Iran intensified their attacks in the Gulf region, leading to disruptions in oil flows through the Strait of Hormuz and Iranian warnings of closing export routes in the Red Sea and Bab el-Mandeb. Additionally, Brent crude futures rose by $1.05 (about 1.25%), and West Texas Intermediate (WTI) futures increased by $1.03 (1.3%), recovering previous losses. This boosts expectations that Brent will achieve its third consecutive weekly gain, and WTI its second.