Oil Prices Skyrocket Amid Tensions Between US and Iran

World oil prices rose significantly in the past week, driven by tensions between the US and Iran. WTI crude oil increased from $82.49 per barrel at the end of last week to $85.15 per barrel at the end of this week, a rise of 2.66 USD/barrel or about 3.2% compared to the previous week.

Brent oil prices also surged, increasing from $88.10 per barrel at the end of last week to $96.78 per barrel at the end of this week, a rise of 8.68 USD/barrel or about 9.9% compared to the previous week.

The price hikes come amid ongoing tensions between the US and Iran, including missile attacks and ship traffic disruptions through the Strait of Hormuz.