Oil heads for weekly gain as Middle East supply risks persist
On Friday, oil prices saw a modest increase as they aimed for weekly gains. Renewed hostilities between the US and Iran have severely limited shipping activity in the Strait of Hormuz, leading to a virtual halt in tanker traffic. This disruption followed Iran's burial of its late supreme leader, Ayatollah Ali Khamenei. Despite this, market confidence in diplomatic efforts appears to be restraining oil price surges.
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