Oil Prices Rebound Amid US-Iran Tensions

Oil prices declined on Friday but are expected to finish the week with significant gains due to rising tensions between the United States and Iran. Brent crude futures fell by 23 cents, or 0.24%, to $95.29 a barrel, while US West Texas Intermediate dropped by 54 cents, or 0.59%, to $90.76.

The weekly increase for both Brent and WTI was substantial, with Brent up 6.1% and WTI gaining 8.3%. The recent escalation in US-Iran tensions has contributed to the rise in oil prices, which have added to inflation and government borrowing costs worldwide.