Oil Prices Set for Biggest Weekly Surge Since April as Iran War Escalates

Oil prices were headed early on Friday for a 12% weekly gain, the biggest jump in one week since April, as the re-escalation in the Middle East and the abrupt halt to the recovery of Strait of Hormuz flows pushed crude futures prices to the highest in over a month.

In Asian trade on Friday, both benchmarks were rising by about 1%, as the U.S. military launched a new round of strikes on Iran, for the sixth night in a row.

Brent Crude prices traded 1% higher at $85.06, and WTI Crude, the U.S. benchmark, was up 1.2% at $79.88 per barrel.

Earlier…