Oil Prices Set for Biggest Weekly Surge Since April as Iran War Escalates

AI Summary

Oil prices are set for their largest weekly rise since April, gaining 12% amid escalating conflict in Iran and disruptions to Strait of Hormuz crude flows. U.S. military strikes in Iran continue, pushing Brent and WTI crude prices higher in Asian trading.

Oil prices were headed early on Friday for a 12% weekly gain, the biggest jump in one week since April, as the re-escalation in the Middle East and the abrupt halt to the recovery of Strait of Hormuz flows pushed crude futures prices to the highest in over a month. In Asian trade on Friday, both benchmarks were rising by about 1%, as the U.S. military launched a new round of strikes on Iran, for the sixth night in a row. Brent Crude prices traded 1% higher at $85.06, and WTI Crude, the U.S. benchmark, was up 1.2% at $79.88 per barrel.   Earlier…