Oil Prices Soar Amid Escalating Iran-US Tensions
Oil prices steadied on Friday but remained on track for a weekly gain as tensions between Iran and the US continue to simmer. The Brent crude benchmark was poised for a 5.2% increase over the week, while West Texas Intermediate (WTI) futures were set to finish up 10.5%. This comes after Thursday's sharp reversal in oil prices, which saw Brent hit its highest level since March 2022.
The recent rise in oil prices began at the end of February when the US and Israel attacked Iran, resulting in the closure of the Strait of Hormuz and disruption to global oil shipments. A ceasefire has been in place since April 8, but progress towards a lasting resolution remains elusive.
A senior official with Iran's Revolutionary Guards warned that long and painful strikes would be carried out on US positions if Washington renewed attacks on Iran. Meanwhile, UAE presidential adviser Anwar Gargash stated that no unilateral Iranian arrangements can be trusted regarding freedom of navigation through the Strait of Hormuz.