Oil Prices Mark Notable Weekly Gains Amid Escalating Middle East Tensions

Oil prices saw a rise on Friday, heading towards their largest weekly gains since mid-July. This surge is attributed to escalating tensions and renewed hostilities between the United States and Iran, which fueled concerns regarding oil supplies from the Middle East region. Brent crude futures increased by 15 cents, or 0.2 percent, reaching $95.67 per barrel. Similarly, U.S. West Texas Intermediate (WTI) crude futures climbed by 26 cents, or 0.3 percent, to $91.56. On a weekly basis, Brent crude secured gains of 7.1 percent, while U.S. crude rose by 9.8 percent, positioning both for their highest gains since the week ending July 20.