Oil Prices Set for Weekly Gain as Hormuz Tensions Escalate

Crude oil prices were on course for a weekly gain today as hostilities between the United States and Iran flared up again earlier in the week. At the time of writing, Brent crude was trading at $76. 60 per barrel, with West Texas Intermediate at $72. 37 per barrel.

The increase was quite modest compared to the price slide from the last four weeks, which brought benchmarks down to pre-war levels, and even lower.