Oil Prices Set for Weekly Gain as Hormuz Tensions Escalate

AI Summary

Crude oil prices rose modestly amid escalating tensions between the United States and Iran in the Persian Gulf. Brent crude was trading at $76.60 per barrel and West Texas Intermediate at $72.37 per barrel, with markets still influenced by perceptions of ample supply.

Crude oil prices were on course for a weekly gain today as hostilities between the United States and Iran flared up again earlier in the week. At the time of writing, Brent crude was trading at $76.60 per barrel, with West Texas Intermediate at $72.37 per barrel. The increase was quite modest compared to the price slide from the last four weeks, which brought benchmarks down to pre-war levels, and even lower. The modest rise suggests the market is still dominated by the perception of ample supply following numerous reports about Persian Gulf exporters…