Oil sets to hit weekly high
Crude oil prices increased during the week, amid escalating tensions between the United States and Iran and renewed fighting in the Middle East, easing concerns about oil supplies. By 01:00 GMT, Brent crude rose by 0.2% to $95.67 per barrel, and US West Texas Intermediate (WTI) increased by 0.3% to $91.56, with expectations of the biggest weekly gains since mid-July—Brent rising by 7.1% and WTI by 9.8%. Recent US attacks have resulted in dozens of deaths and injuries, while Israeli threats to Iran continue. However, the rise in prices has been limited by statements from the Russian president about the possibility of reaching an agreement to end the war in Ukraine, as well as the support from the US and China for peaceful efforts. Additionally, Iran has intensified its measures against ships passing through the Strait of Hormuz, although some Iraqi ships are still permitted to transit.
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