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Oil set for weekly rise amid record diesel prices
Oil prices are heading toward achieving weekly gains of over 6%, despite a decline on Friday, following the resumption of military exchanges between the United States and Iran in the seventh month of escalating tensions between them. Brent crude futures fell slightly by 0.24% to $95.29 per barrel, while West Texas Intermediate (WTI) crude contracts decreased by 0.59% to $90.76. Since the beginning of the week, oil prices have increased significantly, with Brent rising by 6.1% and WTI by 8.3%. Disruptions in oil supplies, along with rising fuel prices and renewed military escalation, have contributed to higher inflation and borrowing costs worldwide, with warnings of a potential sharp global recession. Security conditions and reductions in oil flows through the Strait of Hormuz have driven diesel prices in the United States to record highs, despite recent periods of near-normal oil flow levels. Supporting price increase forecasts, analyses indicate that the market is heavily influenced by psychological concerns and ongoing geopolitical tensions.
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