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Oil gains 10% weekly amid US-Iran conflict concerns
Oil prices achieved weekly gains of around 10%, despite declining at the close on Friday, after geopolitical tensions in the Middle East supported oil prices throughout the week. This coincided with escalated clashes between the United States and Iran, exchanges of missile strikes, a slowdown in navigation through the Strait of Hormuz, and Houthi attacks on ships in the Red Sea. Although Brent crude dropped by $3.91 to close at $96.78 per barrel, it still recorded approximately a 10% weekly rise. Meanwhile, West Texas Intermediate (WTI) futures fell by $2.88 to settle at $89.31, but still gained about 8.27% over the week. This comes amid reports of China's efforts to reopen channels of dialogue between the US and Iran, while US President Trump warned Iran and the Houthis of "severe military punishment" in response to attacks on oil tankers.
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