Geopolitical tensions between the US and Iran drive oil prices higher amid concerns over potential disruptions to global supply.
West Texas Intermediate crude oil climbed to near $79.00 in early European trading, extending gains as escalating US-Iran tensions stoked fears of supply disruptions. The benchmark is on track for its strongest weekly performance since April.
Prices have been supported by rising geopolitical risks in the Middle East, a key oil-producing region. Prior to this week, WTI had traded in a narrower range, with supply concerns offset by demand uncertainties.
Markets remain volatile as investors assess the potential impact of further conflict on oil flows, though no immediate supply disruptions have been reported.