Oil set for steepest weekly gain since mid-July over intensifying US-Iran tensions

Oil prices are on the rise, driven by escalating supply risks in the Middle East. The renewed hostilities between the U.S. and Iran have heightened fears regarding regional stability, resulting in violent confrontations. Concurrently, Russian President Putin is advocating for a peaceful resolution in Ukraine. Meanwhile, Iran is actively adding to its inventory of non-compliant vessels in the strategically crucial Strait of Hormuz.