Oil prices set for second weekly rise amid US-Iran conflict
At a glance
- Oil prices are on track for a second consecutive weekly increase.
- The rise is driven by supply concerns from the Middle East due to the US-Iran war.
- The US has threatened new sanctions, and the UAE has suspended transactions with Iran.
Story so far
Global oil prices have been driven higher by the ongoing US-Iran war, which began on February 28 and has led to significant supply disruptions from key Middle Eastern producers. A peace deal expired this week without renewed talks. In response to the stalemate, US President Donald Trump has threatened severe economic retaliation against Iran and its supporters, while the UAE has suspended all financial transactions with Tehran. This has pushed both Brent and WTI crude benchmarks to their highest prices since July 24.
Latest development
Oil prices continued to climb, set for a second weekly rise, as the ongoing US-Iran conflict disrupts supply from the Middle East. Brent crude futures were trading at $93.82 a barrel, while US WTI crude was at $86.78, both near their highest levels since late July.
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