US-Iran Tensions Fuel Oil Price Surge in Asia

Oil prices have risen in Asian trading on Friday as renewed tensions between the United States and Iran fueled concerns over supplies from the Middle East.

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

This marks the biggest weekly gains for both benchmarks since mid-July, with Brent up 7.1 percent and US crude up 9.8 percent.

However, oil prices took back some of their gains after 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.