Oil Prices Set for a Strong Weekly Gain as Middle East Conflict Escalates

Crude oil prices were set to end the week with substantial gains pushed higher by the latest events in the Middle East. Both Brent crude and West Texas Intermediate were about 8% higher on Friday morning in Asian trade than they were at the start of the week. The jump follows Iran’s missile barrage on Israel, the latter’s vow to retaliate, and comments by U.S. President Biden that his administration was discussing strikes on Iranian oil facilities with the Israelis. The Iranian government, in turn, has said that “Any type of military…