Crude oil prices are heading for their second consecutive weekly gain as the unresolved US-Iran war continues to disrupt Middle Eastern energy supplies. Brent crude rose to around $93.82 a barrel, while WTI was near $86.78. Brent has gained more than 7% during the week.
The rise is particularly significant for oil-importing economies. If elevated prices persist, India’s import bill could increase and the rupee could face additional pressure. Investors will therefore closely track both crude prices and developments around the Strait of Hormuz.
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