Oil Prices Rise Amid Escalating U.S. Aggression Against Iran and Supply Concerns
Oil prices rose by approximately 1.82% for Brent crude and 2.14% for U.S. crude, amid escalating U.S. military actions against Iran and growing fears of disruptions to oil supplies through the Strait of Hormuz. Despite previous losses, both benchmarks saw a weekly increase of around 13%, with expectations of further gains. Meanwhile, the Director of the International Energy Agency expressed serious concern about the security of oil supplies at this time due to the military escalation between the United States and Iran.
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