<2>Oil Hits Highest Level Since 2023 as Iran War Triggers Historic Surge
<3>The US crude benchmark has posted its biggest weekly rise on record, with oil prices reaching their highest level since 2023, as tensions between the US and Iran escalate.
<4>The surge in oil prices comes as US President Donald Trump demands that Iran ‘surrender’ to US demands, sparking fears of a wider conflict in the Middle East. The threat of war has sent oil prices soaring, with Brent crude rising to $73.45 per barrel, its highest level since 2023.
<5>Analysts say that the rise in oil prices is driven by concerns over supply disruptions and the potential for a wider conflict in the Middle East. ‘The risk of a major conflict in the Middle East is increasing by the day, and that’s sending oil prices soaring,’ said < href='https://bloomberg.com' target='_blank'>Bloomberg’s senior energy analyst.
<6>The US has imposed sanctions on Iran in recent weeks, and Trump has threatened to take military action if Iran does not comply with US demands. Iran has vowed to resist any US aggression, and the situation remains highly volatile.
<7>Oil prices have risen sharply in recent weeks,