US-Iran Tensions Send Oil Prices Soaring

Oil prices have surged in response to escalating tensions between the US and Iran, pushing for their strongest weekly gains since mid-July.

Brent crude futures rose by $0.15 or 0.2% to $95.67 a barrel, while WTI crude futures increased by $0.26 or 0.3% to $91.56.

The rise in oil prices is largely due to the renewed hostilities between the US and Iran, which have heightened concerns over supply risks in the Middle East.

US Vice President JD Vance stated that Washington does not plan to hold talks with Iran unless Tehran stops attacking commercial shipping in the Strait of Hormuz.