Escalating Middle East tensions drove crude oil to record weekly gains
Global crude oil prices surged to record weekly highs as geopolitical tensions in the Middle East escalated, driving market fears of a potential supply disruption. On Friday, 04 October, international oil benchmarks extended their rally, posting the largest weekly gains in over a year.
Global crude oil prices surged to record weekly highs as geopolitical tensions in the Middle East escalated, driving market fears of a potential supply disruption. On Friday, 04 October, international oil benchmarks extended their rally, posting the largest weekly gains in over a year.
Brent crude climbed more than 8% over the week, marking its highest weekly increase since January 2023, while WTI saw a 9.1% rise—its strongest performance since March 2023. Brent settled at $78.05 per barrel, up 43 cents, while WTI closed at $74.38 per barrel, a 67-cent increase.
The price spike comes in the wake of heightened political tensions, with Israel vowing retaliation against Iran following a missile barrage on Tuesday. This confrontation has stoked concerns that the situation could spiral into a wider regional conflict, further destabilizing an already fragile global oil market.
Written by: Muhammad Hafiz