Oil Prices Soar on Fears of Renewed Middle East Conflict

Oil prices rose on Friday due to concerns over escalating tensions in the Middle East. The recent capture of two cargo ships by Iran in the Strait of Hormuz has raised fears of a renewed military escalation.

Brent crude futures increased by $2.18, or 2.1%, to $107.25 a barrel at 1019 GMT, while US West Texas Intermediate futures gained $1.78, or 1.9%, to $97.63.

For the week, Brent is up 18% and WTI 16%, the second-largest gains since the war began.

Tamas Varga of oil broker PVM stated that 'there is no de-escalation in sight.'

US President Donald Trump said he would not set a timetable for ending the conflict, and that he wanted to make 'a great deal.'