Oil Prices Soar on Escalating Iran Conflict

Oil prices surged this week, rising more than 6% as tensions between the US and Iran escalated. The conflict has disrupted oil flows in the region, with US West Texas Intermediate crude futures gaining 8.3% for the week.

The Brent crude price hit $94.77 a barrel on Thursday, while WTI reached $90.35 per barrel. However, both contracts dropped slightly on the day, with Brent down 0.79% and WTI down 1.04%.

Claudio Galimberti, chief economist at Rystad Energy, warned that 'all sectors of the economy are affected by diesel.' He pointed to high US government bond yields as a result of inflation expectations.