Middle East Tensions Spark Oil Price Surge

Oil prices surged this week due to supply risks in the Middle East, with Brent crude rising over 8% in five days.

The rise was prompted by a series of attacks on tankers and energy facilities in the region, which raised concerns about extended supply disruptions.

Brent crude futures for November delivery traded at $104.09 per barrel on Friday, up 8.1% from last Friday's close of $96.28, while US benchmark West Texas Intermediate (WTI) crude futures for October delivery traded at $99.20 per barrel, up around 8.4% from $91.48 a week earlier.

Tensions between the US and Iran have heightened concerns over oil shipments through the Strait of Hormuz, with Iranian officials issuing fresh warnings this week.