Commodities
Oil Prices Soar as US-Iran Tensions Escalate
Oil prices are on track for their strongest weekly gain since mid-July due to renewed tensions between the US and Iran.
The escalation of hostilities around the Strait of Hormuz, a vital waterway through which a large share of global oil supplies passes, has revived fears that prolonged conflict could disrupt crude flows from the Gulf.
Brent crude futures rose 54 cents to $96.06 a barrel on Friday, while US West Texas Intermediate (WTI) crude gained 79 cents to $92.09, with both benchmarks up around 7% and 10% respectively for the week.
The US Vice President JD Vance said on Thursday that he could not provide a timeline for an end to the conflict or say when US fuel prices would return to pre-war levels.