Oil climbs toward largest weekly increase since July
Oil prices rose today, Friday, amid ongoing escalating tensions between the United States and Iran, prompting concerns over increased combat activities and the potential disruption of oil supplies from the Middle East. Brent crude increased by 0.6% to reach $96.06 per barrel, while US West Texas Intermediate (WTI) rose by 0.9% to $92.10. Over the course of the week, oil prices saw substantial gains, with Brent up by 7.6% and WTI by 10.4%, marking the biggest weekly increases since mid-July. This rally was driven by military escalation and heightened conflict between Iran and the US. Meanwhile, recent American strikes resulted in dozens of deaths and injuries, with Israel warning of targeting Iran’s infrastructure. Experts forecast that oil prices could rise to around $95 per barrel in the short term if tensions continue to escalate, despite signals of market balance and opposition to further conflict escalation.
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