US-Iran Tensions Send Oil Prices Soaring
Oil prices are heading for their biggest weekly gain since mid-July as tensions between the US and Iran escalate.
The Brent crude futures rose 15 cents, or 0.2%, to $95.67 a barrel at 0100 GMT, while US West Texas Intermediate crude gained 26 cents, or 0.3%, to $91.56.
These gains come after the latest clashes between Washington and Tehran, which began in February. The conflict has now entered its seventh month, and concerns over disruptions to crude supplies from the Middle East have grown.
US Vice President JD Vance said that Washington would not hold talks with Iran unless Tehran stops attacking commercial shipping in the Strait of Hormuz, a key global oil transit route. Iraq has increased its oil exports to around 2.34 million barrels per day in August, and September exports are expected to rise as heavy discounts encourage buyers.