Crude heads for biggest weekly gain in months amid intensifying Middle East crisis

Oil prices surged as escalating US-Iran military tensions raised supply disruption concerns. Brent crude traded at $85.34 and WTI crude at $80.08 per barrel. Recent US strikes aimed to degrade Iranian military capabilities, while Iran retaliated against regional allies. Renewed hostilities revived fears of a broader conflict and threats to the Strait of Hormuz. Iran warned of widespread infrastructure damage if US threats to strike its facilities are carried out.