Oil rises over 7% weekly on U.S.-Iran tensions
Oil prices have risen by over 7% during the week due to renewed military clashes between the United States and Iran, as well as recurring supply disruptions in the Middle East. Brent crude prices increased by 7.6%, reaching $92.68 per barrel, while West Texas Intermediate (WTI) rose by 10%, hitting $91.48. The heightened tensions between the two countries have heightened geopolitical risks, with oil flows through the Strait of Hormuz declining and the number of ships passing through decreasing, leading to higher fuel prices—especially diesel, which reached an all-time high in the United States, with an average of $5.85 per gallon. Experts expect prices to continue rising amid the risk of further escalation in the Middle East conflict.
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