Oil Prices Rise Again Amid Regional Tensions and Escalation Fears

Global oil prices rose again on Friday amid expectations of continued gains due to escalating tensions in the Gulf region and fears of renewed confrontations between the United States, Israel, and Iran. Brent crude futures for December delivery increased by 1.1% to reach $114.43 per barrel, marking weekly gains of about 4%, and a rise of 16.8% since the beginning of October. Meanwhile, U.S. West Texas Intermediate crude climbed 1.5% to $101.05 per barrel, with weekly gains near 2%. These increases come amid forecasts of sustained gains following the upcoming U.S. midterm elections in November, as geopolitical tensions continue to impact energy markets.