Oil prices are on track for their first weekly gain in three weeks, with Brent crude up 5.3% and WTI up around 5.3% for the week, nearing six-month highs.
This rise is driven by escalating concerns over potential conflict following US President Donald Trump's ultimatum to Iran regarding its nuclear program. Washington has warned of severe consequences if Tehran does not agree to a nuclear deal within days.
The geopolitical tension, particularly around the Strait of Hormuz which handles 20% of global oil supply, is making traders nervous and limiting profit-taking ahead of the weekend. While geopolitical fears are pushing prices up, reports of falling US crude inventories and rising refining utilization are also supporting the market.
However, potential increases in OPEC+ output and existing oil surpluses are factors that could temper price gains.
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