US-Iran Tensions Send Oil Prices Soaring

Oil prices surged on Friday as rising tensions between the US and Iran heightened concerns over Middle East supply risks. The intensifying hostilities, which began in February with US-Israeli strikes, are now in their seventh month.

The Brent crude futures rose by 15 cents, or 0.2%, to $95.67 a barrel, while US West Texas Intermediate crude futures were up 26 cents, or 0.3%, at $91.56. The weekly gains for both Brent and WTI are set to be the highest since mid-July.

The US-Iran conflict escalated this week with Washington's attacks that killed and wounded dozens, including Iranian civilians. Israeli Defence Minister Israel Katz renewed warnings of further action against Iran's military and civilian infrastructure, including energy facilities.