Oil Rallies Toward 96 Dollars on US-Iran Clashes, Hormuz Risks

Oil prices extended gains on escalating military tensions between the United States and Iran, alongside mounting concerns over tanker transit security through the strategic Strait of Hormuz. 

Brent crude futures for November settlement rose 48 cents, or 0.50%, to $96.00 a barrel. U.S. West Texas Intermediate (WTI) crude for October delivery advanced 73 cents, or 0.80%, to trade at $92.03 a barrel.

On a weekly basis, Brent is up approximately 7.1% and WTI has gained 9.8%, putting both benchmarks on track for their steepest weekly advances since mid-July. 

N.Tebrizli