Iran Tensions Spark Global Oil Price Rally to Three-Month Highs

Global oil markets rallied this week to three-month highs as tensions between the US and Iran escalated, sparking concerns about disruptions to critical shipping routes through the Strait of Hormuz.

Brent crude futures closed at $95.85 per barrel, marking a significant 8.8% weekly advance, while US West Texas Intermediate (WTI) crude finished at $91.22 per barrel, up 9.4% over the same period.

The sharp price increase followed resumed military exchanges between Washington and Tehran, their first direct confrontation since July, with President Donald Trump indicating that the conflict would be brief.