Iran Tensions Drive Oil Prices to Biggest Weekly Gain Since July

Oil prices are on track for their strongest weekly gain since July as tensions between the US and Iran escalate, leading to concerns over potential supply disruptions in the Middle East.

Brent crude oil has traded around $95.52 a barrel, while U.S. West Texas Intermediate (WTI) crude edged up to $91.36, with both benchmarks up 7.6% and 10.4%, respectively, for the week.

The conflict between Washington and Tehran has been ongoing for seven months, with recent US attacks killing and wounding dozens of Iranian civilians, fueling concerns that oil supplies from one of the world's most critical producing regions could be disrupted.

Market sentiment has also been influenced by the threat to shipping through the Strait of Hormuz, a vital maritime corridor for global crude exports, with Iran expanding its list of vessels considered non-compliant and subject to detention or confiscation if they transit the waterway.