Oil set for steepest weekly gain since mid-July, fuelled by US-Iran clashes
Oil prices rose on Friday, heading for their steepest weekly gain since mid-July, as rising tension and renewed US-Iran hostilities heightened concerns over Middle East supply risks. Brent crude futures rose 54 cents, or 0.6%, to $96.06 a barrel by 0100 GMT, while US West Texas Intermediate crude futures climbed 80 cents, or 0.9%, to $92.10. On a weekly basis, Brent rose 7.6% and WTI was 10.4% higher, set for the highest gains since the week ended July 20.