US-Iran Tensions Fuel Biggest Oil Price Gain Since July

Oil prices are poised for their steepest weekly gain since mid-July as US-Iran tensions escalate, sending Brent crude futures up 7.6% and WTI climbing 10.4% on a weekly basis.

The latest hostilities between the two countries have raised concerns over Middle East supply risks, pushing average U.S. diesel prices to record highs.

Brent crude futures were flat at $95.52 a barrel by 0645 GMT, while US West Texas Intermediate crude futures rose 7 cents, or 0.1%, to $91.36.

ANZ analysts have raised their Brent crude forecast to $95 a barrel in the short term, citing upside risk if the Middle East conflict intensifies.