Commodities
Middle East Tensions Push Oil Prices Above $96 Per Barrel
Oil prices have risen due to supply risks and renewed geopolitical tensions in the Middle East. Brent crude settled above $96 per barrel, marking a strong weekly gain of nearly 8%. West Texas Intermediate crude futures advanced further, with a weekly gain approaching 10%.
The increase is attributed to ongoing disruptions to Middle East supply routes and the resumption of military exchanges between the US and Iran in their seventh month of conflict. This has led to higher energy prices as markets watch developments in the Strait of Hormuz.
Financial markets will closely monitor any signs of further disruption to energy supplies, which could influence risk sentiment and oil prices.