Oil Prices Head for Weekly Gains as US-Iran Tensions Push Middle East Supply Risk Higher

The Independent (UK)—Global oil prices were tracking toward weekly gains as ongoing US-Iran tensions and military activity in the Persian Gulf heightened fears about potential disruptions to Middle Eastern supply. The situation was described as pushing a ceasefire to the brink, adding risk premium to crude prices. Multiple wire services confirmed the upward price trajectory, with markets pricing in elevated geopolitical uncertainty from the region. Analysts said any escalation could cause a more significant price spike, with oil already elevated by months of uncertainty around Iranian output.

• The Independent (UK) — Oil prices rose on track for weekly gains as US-Iran strikes threatened the ceasefire
• Reuters — Prices headed for weekly gains as Middle East supply risks continued to weigh on markets
• The Globe and Mail — Oil was set for weekly gains with ongoing Middle East supply concerns keeping prices elevated