Brent Crude Soars Amid Escalating Middle East Tensions

Brent crude surged past $80 per barrel, its highest level since August, as concerns grew over potential Israeli strikes on Iran's oil infrastructure. West Texas Intermediate crude also climbed, rising 3.7% to over $77 per barrel. This rally comes as tensions in the Middle East, sparked by Hamas's recent attacks on Israel and the escalating conflict in Gaza, heightened fears about oil supply disruptions.

West Texas Intermediate crude and Brent posted their biggest weekly gains since January 2023, with analysts predicting further increases. Goldman Sachs analysts have forecast that if Iran's oil output, currently near full capacity, is disrupted, Brent could climb into the $90 range.

At the time of writing, the uncertainty surrounding the geopolitical situation continues to drive market volatility, with traders closely watching for further developments in the region.

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