Oil aims for second week of gains

Oil prices have risen for the second consecutive week amid fears of continued energy supply disruptions in the Middle East, especially due to the ongoing deadlock between the United States and Iran and escalating tensions in the Strait of Hormuz. The futures contract for Brent crude rose to $93.82 per barrel, an increase of more than 7% over the past five days, while West Texas Intermediate reached $86.78, up by over 8%, marking the highest level since July 24. The memorandum of understanding between Tehran and Washington ended without the resumption of negotiations, further fueling concerns about the stability of oil supplies in the region.

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