Brent hovers near $94 as US-Iran conflict continues to squeeze energy supply
Brent crude prices are rising as the ongoing US-Iran conflict disrupts energy supplies and shipping through the Strait of Hormuz. The market is reacting to threats of economic warfare and the expiration of previous peace efforts.
Why it matters
Rising oil prices due to geopolitical conflict pose a significant risk to global inflation and economic recovery.
Oil prices extended their weekly rally on Friday, with Brent crude hovering near $94 a barrel as the ongoing US-Iran conflict continued to disrupt energy supplies.Brent crude inched to $93.89 per barrel around 7:30 am IST, after gaining 2.4% in the previous session. US West Texas Intermediate stood at 86.84 per barrel, following a 2.3% rise a day earlier.The benchmarks were on course for a second straight weekly gain. Brent had risen more than 7% over the previous five sessions, while WTI had advanced more than 8%. Both had reached their highest levels since July 24 during the run of gains.The latest gains followed a more than 2% jump in oil prices on Thursday, when they settled at their highest in nearly a month.
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