Oil Gains Extend to Third Week

The price of Brent crude oil has risen, nearly marking its third consecutive weekly gain, due to escalating tensions and attacks in the Middle East, which have increased the risk of supply disruptions from the region. The price of the commodity approached $114 per barrel, while West Texas Intermediate crude traded around $100. The escalation includes interception of drones targeting Saudi Arabia, Houthi missile attacks, and threats to expand operations around the Strait of Hormuz, with oil prices increasing by more than 85% this year due to the U.S.-Iran war. At the same time, tensions are prompting U.S. authorities to boost oil production and improve refining capacity to support national security, as Trump escalates measures to ensure market stability and sustain the rising prices.

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