Oil set for weekly rise amid supply worries
Oil prices rose amid expectations of weekly gains, as concerns continued over the potential disruption of supplies through the Strait of Hormuz and the Bab el-Mandeb Strait due to geopolitical tensions. Brent crude prices increased by 13.5% this week, surpassing the $100 per barrel level for the first time since May, with futures falling by 72 cents to $99.97 per barrel. WTI crude also climbed by 10.9% over the week, reaching $91.49, after previously closing with gains of 7% and 6.2%, respectively. Rising tensions in the straits have heightened pressure on energy markets, with traders watching for potential disruptions in global oil shipments.
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