Oil Prices Soar as US-Iran Tensions Continue

Oil prices remain steady on Friday but are still poised for their second consecutive weekly gain due to ongoing concerns about supply disruptions from major Middle Eastern producers.

The Brent crude futures price rose by 4 cents to $93.82 a barrel, while the U.S. West Texas Intermediate (WTI) crude futures price slipped 6 cents to $86.78 a barrel.

This comes after Brent and WTI prices climbed 2.4% and 2.3%, respectively, in the previous session, with Brent increasing by more than 7% and WTI rising by over 8% in the past five days, reaching their highest levels since July 24.

The recent gains are attributed to worries that the stalemate between the U.S. and Iran will continue to limit oil supply from key producers such as Saudi Arabia, Iraq, the UAE, and Kuwait.