Crude Oil Rally Continues: Third Weekly Gain as Middle East Tensions Escalate

U.S. oil prices are approaching a two-month high and are set for a third consecutive weekly gain, driven by growing concerns of a potential conflict between Israel and Hezbollah. This situation has raised fears of a direct confrontation with Iran, an OPEC member, leading to increased market volatility. The Pentagon’s move to position military assets near Lebanon for potential American evacuations has further heightened tensions. As a result, both U.S. crude (West Texas Intermediate) and global benchmark Brent have reached their highest levels since late April.