Crude heads for biggest weekly gain in months amid intensifying Middle East crisis

🌐 The Times of India (IR) —
Crude heads for biggest weekly gain in months amid intensifying Middle East crisis

AI Summary

Oil prices surged amid escalating US-Iran military tensions raising concerns of supply disruptions. Brent crude traded at $85.34 and WTI crude at $80.08 per barrel due to renewed hostilities and threats to the Strait of Hormuz.

Oil prices surged as escalating US-Iran military tensions raised supply disruption concerns. Brent crude traded at $85.34 and WTI crude at $80.08 per barrel. Recent US strikes aimed to degrade Iranian military capabilities, while Iran retaliated against regional allies. Renewed hostilities revived fears of a broader conflict and threats to the Strait of Hormuz. Iran warned of widespread infrastructure damage if US threats to strike its facilities are carried out.

Security Conflict Politics Markets Commodities Energy Shipping oil prices Brent crude WTI crude US-Iran conflict military tensions Strait of Hormuz supply disruption

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