Oil prices head for weekly gains amid fears of supply shortages

Oil prices rose on Friday, marking weekly gains of around 6%, amid concerns over potential supply disruptions in the Middle East following intensified clashes between the United States and Iran, which have disrupted shipping traffic through the Strait of Hormuz. Vessel movements through the Strait, one of the world's most crucial oil routes, decreased after Iranian attacks on U.S. targets in the Gulf. Analysts noted that heightened tensions increase market risks and constrain supplies.

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