Commodities
Oil Prices Surge Above $100 Amid Geopolitical Tensions
The global oil market continued its upward trend this week, with WTI crude finishing at $100.05 per barrel on Friday, despite a decline of $2.43 from Thursday's settlement price.
This marks the first time in months that WTI has traded above $100, and the weekly gain was substantial, reaching 9.37% as geopolitical supply risks continued to drive prices higher.
The sharp escalation of the U.S.-Iran conflict and attacks on oil shipping were key factors contributing to this week's price movement, with Iran's announcement that it attacked 10 ships near the Strait of Hormuz adding a significant supply-risk premium.