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Oil Prices Head Towards Weekly Gains Amid Escalating Clashes

Oil Prices Head Towards Weekly Gains Amid Escalating Clashes

Oil prices have risen significantly amid escalating tensions between the United States and Iran in the Middle East, with Brent crude increasing by 1.25% to $85.28 per barrel, and West Texas Intermediate rising by 1.30% to $79.98 per barrel. Both benchmarks are expected to achieve weekly gains of around 12%, driven by concerns over a global supply shortage resulting from disruptions in the Strait of Hormuz and Iranian threats to shut down critical export routes. The military escalation comes as U.S. airstrikes continue against Iranian targets, with Tehran retaliating by launching missiles and drones at American bases. Iran has also warned the Houthi rebels about closing the Red Sea passage, further fueling market fears about the stability of global oil supplies.

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