Oil Prices Set for Weekly Gain as Hormuz Tensions Escalate

Crude oil prices were on course for a weekly gain today as hostilities between the United States and Iran flared up again earlier in the week. At the time of writing, Brent crude was trading at $76.60 per barrel, with West Texas Intermediate at $72.37 per barrel. The increase was quite modest compared to the price slide from the last four weeks, which brought benchmarks down to pre-war levels, and even lower. The modest rise suggests the market is still dominated by the perception of ample supply following numerous reports about Persian Gulf exporters…