Oil set for largest weekly rise since July
Oil prices rose today, Friday, amid ongoing tensions in the Middle East and fears of supply disruptions, leading to the biggest weekly gains since mid-July, with Brent increasing by 7.1% and U.S. crude by 9.8%. The increase comes in the wake of escalating hostilities between the United States and Iran, including intense military strikes that resulted in dozens of deaths and injuries, including Iranian civilians, and Israeli threats to target Iran's infrastructure. Meanwhile, the Russian president indicated the possibility of reaching an agreement to end the war in Ukraine, with the US and China supporting a peaceful process. Clashes and difficulties continue in passing through the Strait of Hormuz, as Tehran imposes restrictions on shipping, except for Iraqi vessels.
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