US-Iran War Sparks Oil Price Surge Amid Supply Disruptions

Oil prices have been rising due to concerns about supply disruptions in the Middle East. The ongoing US-Iran war has led to curtailments of supply from major oil producers such as Saudi Arabia, Iraq, the UAE, and Kuwait.

The recent peace deal between the US and Iran expired this week without any effort by either side to restart talks, and US President Donald Trump threatened economic retaliation against nations supporting Iran. As a result, Brent crude futures fell 34 cents to $93.44 a barrel, while U.S. West Texas Intermediate crude futures slipped 44 cents to $86.76 a barrel.

Despite the slight drop on Friday, oil prices are still on track for a second weekly rise. The previous five days of gains saw Brent gain more than 7% and WTI climb more than 8%, reaching their highest since July 24.