Oil Prices Head for Biggest Weekly Gain as US-Iran Tensions Escalate

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Oil prices surged sharply this week as rising military tensions between the United States and Iran sparked fears of potential supply disruptions. Brent crude rose to $85.34 per barrel while WTI crude climbed to $80.08, reflecting heightened market anxiety. Recent US military strikes targeted Iranian military infrastructure, prompting Iran to retaliate against American allies in the region. The renewed hostilities have revived concerns about a broader regional conflict and possible threats to the Strait of Hormuz, a critical global oil transit route. Iran has warned of widespread infrastructure damage should the US follow through on threats to strike its facilities.

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