Crude Oil Heads for Largest Weekly Gain Since July Amid Rising U.S.-Iran Tensions
Oil prices are set to record their largest weekly gain since July, driven by heightened tensions between the United States and Iran. Concerns over potential supply disruptions through the Strait of Hormuz have pushed Brent crude above $95 a barrel. The market is reacting to geopolitical risks that could impact global oil flows. In response to these developments, ING has raised its price forecast for oil, reflecting increased uncertainty in the energy sector due to regional instability and fears of broader conflict.
