Oil Prices Soar on US-Iran Tensions

Oil prices have surged globally due to escalating tensions between the United States and Iran. Fears of disruptions to oil supplies from the Middle East are driving up crude oil prices, with Brent crude hovering near weekly highs.

According to Al Jazeera, at the start of trading on Friday, September 4, Brent crude prices increased by 15 cents or 0.2 percent to stand at $95.67 per barrel.

During the same period, US benchmark West Texas Intermediate (WTI) crude prices rose by 26 cents or 0.3 percent to $91.56 per barrel.

Over the past week, Brent prices have increased by 7.1 percent, while West Texas Intermediate crude prices have gone up by 9.8 percent, creating the possibility of the largest weekly surge in oil prices since mid-July.