Baghdad: Oil prices surged significantly, climbing by over 4% in weekly trading as tensions between Iran and the United States disrupted oil shipments through the Strait of Hormuz. This escalation pushed oil to its highest price in more than a month.

According to Iraqi News Agency, Brent crude futures increased by $3.87, or 4.59%, closing at $88.10 per barrel. Meanwhile, U.S. West Texas Intermediate (WTI) crude futures rose by $3.54, or 4.48%, to settle at $82.49 per barrel. These gains marked the highest levels for both benchmarks since mid-June.

Both Brent and WTI benchmarks have seen a 16% increase this week. Brent is on track for its third consecutive weekly gain, while WTI is set for its second, highlighting the impact of geopolitical tensions on the global oil market.