Oil Prices Surge as US-Iran Tensions Escalate

Oil prices are heading for their biggest weekly surge in months as tensions escalate between the US and Iran, threatening to disrupt vital oil shipments through the Strait of Hormuz.

The Brent crude price surged towards $96 a barrel on Friday, with US crude approaching $92. The weekly gains are expected to be around 9% and 10%, respectively, making it one of the biggest increases in months.

The renewed hostilities between the two countries have raised concerns about the security of the Strait of Hormuz, which accounts for a significant share of global oil supplies. Only six commodity vessels passed through the strait on Wednesday, down from 11 the previous day and well below the 10-day average.