Oil prices rise 12% for the week
Oil prices are headed for their biggest weekly gain since April, driven by escalating tensions in the Middle East.
The re-escalation of conflict and the halt in Strait of Hormuz flows have pushed crude futures to their highest level in over a month.
Brent Crude prices are up 1% at $85.06, while WTI Crude is up 1.2% at $79.88 per barrel.