Crude Oil Nears $94 Per Barrel (Img: AI generated)
New Delhi: Global crude oil prices continued their upward movement on Friday as escalating tensions between the United States and Iran increased concerns over possible disruptions to energy supplies. Brent crude moved closer to the $94 per barrel mark, while US crude also recorded strong gains.
Brent crude futures were trading at around $93.89 per barrel after rising 2.4% in the previous session. Meanwhile, US West Texas Intermediate (WTI) crude stood at approximately $86.84 per barrel following a gain of more than 2%.
Both benchmarks reached their highest levels since late July, with traders closely monitoring developments linked to the ongoing US-Iran conflict and its impact on oil production, exports and shipping routes.
The latest rally has pushed oil prices higher for the second consecutive week. Brent crude has gained more than 7% over the last five trading sessions, while WTI has climbed over 8% during the same period.
Market analysts believe continued uncertainty in the Middle East is keeping pressure on global energy markets.
Oil prices received further support after US President Donald Trump issued warnings against countries supporting Iran. Diplomatic efforts to resolve the conflict have shown limited progress, increasing fears of further disruptions.
Traders are particularly concerned about possible effects on major oil-producing nations, including Saudi Arabia, Iraq, the UAE and Kuwait.
The situation in the Gulf region has added fresh uncertainty for energy markets. Any restrictions on oil production, exports or shipping routes could tighten global supplies and push prices higher.
The conflict has already affected energy flows across the region, with concerns growing over the security of important trade routes, including the Strait of Hormuz.
Investors are now closely watching diplomatic developments and military actions to assess whether crude prices will continue their upward trend or stabilise. A prolonged conflict could increase fuel costs worldwide and create fresh inflation concerns for major economies.
