Oil trends upward with weekly gains

Oil prices surged significantly this week as U.S. actions against Iran intensified, with Brent crude approaching $94 per barrel, nearing a weekly gain of over 6%. This came after the Trump administration announced an economic initiative targeting Tehran, accompanied by warnings about the risks of sanctions on the Iranian economy, amid ongoing tensions in the Strait of Hormuz. Conversely, China reaffirmed its rejection of blockade measures and launched a diplomatic campaign, while Iran’s oil exports declined noticeably due to U.S. sanctions. Meanwhile, the global oil market remained tense due to regional conflicts and their impact on energy supplies.

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