US-Iran Tensions Spark Largest Weekly Oil Price Gain Since Mid-July

Oil prices surged on Friday as tensions between the US and Iran escalated, with Brent crude futures rising 15 cents to $95.67 a barrel and WTI futures up 26 cents at $91.56.

The weekly gains are set to be the steepest since mid-July, with Brent up 7.1% and WTI 9.8% higher.

The US attacks on Iranian targets earlier this week marked the fiercest clashes between the two countries since July, raising concerns over Middle East supply risks.