Tensions Fuel Oil Price Surge Amid Middle East Tensions

Oil prices have risen in Asian trading due to escalating tensions between the US and Iran.

The Brent crude futures price rose by $0.15, or 0.2 percent, to $95.67 a barrel, while US West Texas Intermediate crude futures gained $0.26, or 0.3 percent, to $91.56 a barrel.

These gains mark the biggest weekly increases for both benchmarks since mid-July, with Brent up 7.1 percent and US crude rising by 9.8 percent on a weekly basis.

Russian President Vladimir Putin stated that there was still a path toward reaching an agreement to end the war in Ukraine, adding that the United States and China were prepared to support a peaceful settlement, causing oil prices to temporarily retreat from their gains.