{
  "id": 5582247,
  "title": "Crude heads for 5% weekly gain after US-Iran fighting continues",
  "url": "https://urgent.news/2026/09/04/crude-heads-for-5-weekly-gain-after-us-iran-fighting-continues",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-04T15:21:52.000Z",
  "source": {
    "name": "The National UAE",
    "slug": "the-national-uae",
    "url": "https://www.thenationalnews.com/business/2026/09/04/crude-heads-for-5-weekly-gain-after-us-iran-fighting-continues/"
  },
  "original_language": "en",
  "account": "Oil prices have surged over the past week, gaining more than 5 percent, amid ongoing conflict between the United States and Iran. Brent crude futures were down 1.66 percent to $93.93 a barrel, while US West Texas Intermediate crude fell 2.1 percent to $89.38 per barrel. For the week, Brent was up 5 percent and WTI 7 percent, marking its strongest weekly performance since July 13. The sharp climb in fuel prices has contributed to rising inflation and government borrowing costs worldwide, heightening concerns about a potential global economic slowdown.\n\nOle Hansen, head of commodity strategy at Saxo Bank, explained that commodities are currently facing pressures from rising rates and inflation, with energy and agriculture benefiting from scarcity and geopolitical disruptions, while industrial metals remain supported by tight supply and gold and silver facing temporary losses due to tighter monetary conditions and a stronger dollar.\n\nThe US and Iran's recent clashes have resulted in significant casualties, including dozens of Iranian civilians killed and wounded by US strikes. Iranian forces have targeted vessels passing through the Strait of Hormuz and launched missiles at Jordan, Kuwait, and Bahrain. Israeli officials have warned of potential retaliation against Iran's military and civilian infrastructure if Tehran were to attack further.\n\nDespite Washington's claim that Middle Eastern oil and liquefied natural gas flows have returned to near-normal levels, disruption remains severe. Only four commodity vessels transited Hormuz on Thursday, far below the 10-day average of around 15 vessels. About a fifth of the world's oil and liquefied natural gas passed through the strait before the conflict.\n\nIraq's August exports have increased to approximately 2.34 million barrels per day from 1.35 million in July, while Saudi Arabia maintained its price of its flagship crude for Asia unchanged for the following month, contrary to expectations of an increase. Citi raised its third-quarter Brent forecast to $86 a barrel from $80, citing the delayed reopening of the Strait of Hormuz. ANZ also adjusted its short-term forecast to $95, with Brent oil up nearly 60 percent so far in the year.",
  "summary": "Oil was on course for a weekly gain of more than 5 per cent on Friday as the US and Iran continued to exchange fire in a conflict now in its seventh month. Brent crude futures were down 1.66 per cent to $93.93 a barrel by 6.19 PM UAE time, while US West Texas Intermediate crude was down 2.1 per cent to $89.38. For the week, Brent was up 5 per cent and WTI 7 per cent, its strongest weekly…",
  "key_points": [
    "Crude oil prices rise 5% weekly amid US-Iran conflict",
    "Brent crude up 5%, WTI up 7% for the week",
    "Ongoing clashes result in civilian casualties and disrupted oil flow"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}