Commodities
US-Iran Tensions Fuel Biggest Weekly Oil Price Gains Since July
Oil prices have surged this week due to heightened tensions between the US and Iran. The Brent crude rose 7.6% weekly to $95.52 per barrel, while WTI gained 10.4% to $91.36 per barrel.
The increase in oil prices is largely attributed to concerns about potential global supply disruptions caused by US-Iran tensions and attacks on Russian refineries in Ukraine.
Energy analysts at ANZ raised their short-term Brent crude forecast to $95 per barrel, citing a decline in existing inventory levels that had helped absorb earlier disruptions.