Oil Prices Edge Higher Despite Global Economic Warnings

Oil prices declined on Friday but still managed to secure a weekly gain of more than 6 percent. The decrease came as the United States and Iran resumed military exchanges, despite US diesel prices hitting an all-time high.

Brent crude futures fell by 23 cents or 0.24 percent to $95.29 per barrel, while West Texas Intermediate crude futures dropped by 54 cents or 0.59 percent to $90.76. However, Brent crude futures are up 6.1 percent for the week and US West Texas Intermediate crude futures have gained 8.3 percent.

The surge in oil prices has contributed to higher inflation and government borrowing costs worldwide, prompting warnings of a potential hard landing for the global economy. Claudio Galimberti, chief economist at Rystad Energy, noted that average US diesel prices reached record highs due to supply disruptions caused by renewed US-Iran hostilities and Ukrainian attacks on Russian refineries.