Oil rises 4.6% on US-Iran tensions
Oil prices surged by over 4%, reaching their highest levels since June. The increase was driven by heightened tensions between the United States and Iran in the Gulf region, leading to disruptions in oil flows through the Strait of Hormuz and threatening shipping routes through the Bab el Mandeb Strait in the Red Sea. Brent crude settled at $88.10, and West Texas Intermediate at $82.47, their highest levels since mid-June. Both benchmarks gained roughly 16% over the week, and it is expected that they will record their third and fourth consecutive weekly gains.
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