WTI Oil Rises to Near $79 on US-Iran Tension Escalation
WTI crude oil edged higher to around $79.00 during early European trading, heading for its biggest weekly gain since April as escalating US-Iran tensions threaten oil supplies.
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West Texas Intermediate (WTI) crude oil traded near $79.00 in early European hours on Friday, extending its weekly advance. The benchmark is on track for its largest weekly gain since April, driven by fears that escalating conflict between the US and Iran could disrupt oil flows from the Middle East.
Rising geopolitical risk in the oil-rich region has heightened supply concerns, pushing prices higher. The move marks a notable recovery after a period of relative calm in crude markets.
Source: FXStreet Forex News