US-Iran Tensions Send Oil Prices Soaring to Four-Month High

Oil prices have surged to their highest level in nearly four months due to intensifying US-Iran tensions, which are heightening concerns over Middle East supply risks.

The Brent crude futures rose 15 cents, or 0.2%, to $95.67 a barrel at 0100 GMT, while U.S. West Texas Intermediate crude futures were up 26 cents, or 0.3%, at $91.56.

This marks the steepest weekly gain for oil since mid-July, with Brent rising 7.1% and WTI increasing by 9.8% over the past week.

The increase in tensions between the US and Iran follows a series of attacks this week that killed and wounded dozens, including Iranian civilians.