Iran-US Tensions Drive Oil Prices to Biggest Weekly Gain Since July
Oil prices surged on Friday, putting them on track for their biggest weekly gain since mid-July. The uptick comes as tensions between the US and Iran escalate, raising concerns about disruptions to crude supplies from the Middle East.
Brent crude futures rose by $0.15, or 0.2%, to $95.67 a barrel at 0100 GMT, while US West Texas Intermediate crude gained $0.26, or 0.3%, to $91.56. Brent was up 7.1% for the week, and WTI had gained 9.8%, its strongest weekly advance since July 20.
The latest gains came after a string of US attacks this week killed and wounded dozens of Iranian civilians in the fiercest clashes between Washington and Tehran since July. The conflict has now entered its seventh month, with concerns growing over the impact on energy infrastructure.
Israeli Defense Minister Israel Katz warned that Israel would 'cripple' Iran's military and civilian infrastructure, including energy facilities. US Vice President JD Vance said Washington would not hold talks with Iran unless Tehran stops attacking commercial shipping in the Strait of Hormuz, a key global oil transit route.
Iran has expanded its list of vessels it considers non-compliant, warning they could face fines, confiscation, or detention if they attempt to transit the strait. Iraqi vessels remain among the few ships Tehran has cleared to pass through Hormuz.