Brent crude climbed 7.6 percent amid escalating US-Iran tensions
Oil prices jumped significantly following renewed fighting between the US and Iran, with geopolitical risk premiums driving gains for both Brent and West Texas Intermediate.
Brent futures settled at $95.52 per barrel on Friday as crude oil prices recorded their largest weekly gain since mid-July. American West Texas Intermediate rose 0.1 percent to $91.36 per barrel. On a weekly basis, Brent advanced 7.6 percent while the US benchmark surged 10.4 percent. Both assets are approaching their strongest weekly performance since the week ending July 20. These increases reflect rising geopolitical risk premiums following renewed combat operations between the United States and Iran. The conflict coincided with continued Ukrainian attacks on Russian refineries, heightening fears of supply disruptions in the Middle East. Ship traffic through the Strait of Hormuz has declined to critically low levels, prompting energy markets to prioritize regional delivery risks.
