Middle East Tensions Send Oil Prices Soaring

Oil prices have surged this week following escalating tensions in the Middle East and potential disruptions to global energy supplies.

The Brent crude futures contract settled at $96.78 a barrel, down $3.91 or 3.88%, after sources said China was pushing for resumed peace talks between the US and Iran.

US West Texas Intermediate (WTI) futures finished at $89.31 a barrel, down $2.88 or 3.12%, but are still on track for an 8.27% weekly gain.

Analysts warn that any prolonged disruption to oil supplies could have significant price implications, with JPMorgan predicting each additional month of disruption would add around $7-$8 a barrel to Brent prices.