Oil nears largest weekly rise since July

Oil prices surged significantly during this week, amid rising military tensions between the United States and Iran in the Middle East, fueling fears over the stability of oil supplies. On Friday's trading session, Brent crude rose by 0.2% to reach $95.67 per barrel, while West Texas Intermediate increased by 0.3% to $91.56. Over the course of the week, Brent gained 7.1% and U.S. crude rose by 9.8%, bringing them on track for their biggest weekly increases since July. The region is experiencing an escalation in military activities, with the ongoing conflict that began with American and Israeli strikes in February continuing, as Washington refuses to engage in talks with Iran unless its attacks on commercial ships cease. This comes alongside optimistic Russian statements about the possibility of reaching an agreement to halt the war in Ukraine, with indications of support from the United States and China.

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