New york: Oil prices experienced a notable increase over the past week, driven by escalating geopolitical tensions in the Middle East. Despite a drop in prices during Friday’s settlement, the market remained strong, reflecting a weekly gain fueled by ongoing conflicts and strategic disruptions.

According to National Iraqi News Agency, oil prices were buoyed as Brent and West Texas Intermediate (WTI) crude saw significant rises throughout the week. This surge was primarily due to the exchange of missile strikes between the United States and Iran, reduced shipping through the crucial Strait of Hormuz, and Houthi attacks targeting vessels in the Red Sea.

Brent crude futures experienced a decrease of $3.91, or 3.88%, settling at $96.78 a barrel on Friday. This decline came after prices had surpassed the $100 mark for the first time since May during the previous session. Despite this drop, Brent posted impressive weekly gains close to 10%.

Similarly, West Texas Intermediate crude futures fell by $2.88, or 3.12%, concluding at $89.31 a barrel on Friday. Nevertheless, WTI still achieved a weekly increase of 8.27%. The decline in prices followed reports of China initiating efforts to revive stalled peace talks between the US and Iran, coinciding with US President Donald Trump’s threats of “severe military punishment” against Iran and the Houthis after attacks on oil tankers in the Red Sea.