Commodities
Oil Prices Surge Amid Escalating Conflict and Sanctions on Iran
Crude oil prices are expected to post a second consecutive weekly gain due to US sanctions on Iran aimed at economic isolation.
The international benchmark Brent crude futures have advanced by another 6% this week, with prices reaching $94.71 per barrel, marking their highest level in nearly a month.
Traders are awaiting further details of the US campaign to isolate Iran's economy, which has sharply reduced Middle Eastern oil exports and pushed up fuel and basic goods prices globally.
The measures will target Tehran and could also ensnare countries that continue to deal with the Islamic Republic, potentially including China, according to Treasury Secretary Scott Bessent.