Oil rises over 13% in a week

Oil prices have risen significantly, recording weekly gains of over 13%, amid ongoing supply disruptions. The price of Brent crude reached $108.44 per barrel, and West Texas Intermediate was at $103.17, with Goldman Sachs forecasting prices could rise to $120 due to persistent tensions and wars impacting production and supplies. Disruptions in the Hormuz Strait and the ongoing U.S.-Iran conflict remain key factors exerting pressure on the market. Meanwhile, the sustainability of the increase depends on the continuation of demand, especially from China, and the decline in OPEC's production.

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