US-Iran Tensions Push Oil Prices Higher Despite Friday's Decline
Oil prices declined on Friday but are still poised for a weekly gain due to ongoing tensions between the US and Iran. Brent crude futures dropped by $0.41, or 0.4%, to $95.11 per barrel at 12:53 GMT, while WTI crude futures fell by $0.58, or 0.6%, to $90.72 per barrel.
The escalation in US-Iran hostilities has resulted in supply disruptions and increased fuel costs, contributing to higher inflation and government borrowing costs globally. Analysts warn that the global economy may be heading for a sharp downturn due to these factors.
Despite the decline on Friday, Brent is on track for a 6.6% gain this week, while WTI is expected to rise by 8.8%, its strongest weekly performance since July 13. Average US diesel prices have reached record highs due to renewed hostilities between the US and Iran and Ukrainian attacks on Russian refineries.