Oil prices fall but weekly 10% gain
Oil prices increased throughout the week, despite dropping about 3% at the start of Friday, amid ongoing tensions between the United States and Iran. Brent crude traded at $97.72 per barrel, representing a weekly gain of 10.9%, while West Texas Intermediate reached $89.59, up 8.6% over the week. U.S. strikes against Iran continue as tensions escalate, with the U.S. president threatening a larger attack on Iran. Additionally, the Houthi rebels supported by Tehran are carrying out attacks on oil tankers in the Red Sea. On another note, a market analyst explained that rising geopolitical risks are intensifying concerns about potential disruptions in energy supplies, leading to a higher risk premium on oil. Tensions and instability are expected to persist for an extended period.
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