The return of hostilities between the United States and Iran has led to a double-digit increase in oil prices in the span of just a week.
According to oilprice.com, oil prices were set for a 12 percent weekly gain, the largest one-week jump since April.
“The re-escalation in the Middle East and the abrupt halt to the recovery of Strait of Hormuz flows pushed crude futures prices to the highest in over a month,” the report said.