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.
Latest Fact Checks
Oil set for second weekly rise as unsettled US-Iran war crimps supply
SINGAPORE: Oil prices were little changed on Friday , but were on track for a second weekly rise as the stalemated US-Iran war continues to disrupt supply from the key Middle East producing region. Brent crude futures rose 4 cents to $93.82 a barre
عالمی منڈی میں تیل کی قیمتوں میں اضافہ
ایران کے خلاف امریکی پابندیوں کے بعد عالمی منڈی میں تیل کی قیمتوں میں اضافہ ہوگیا۔
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