Oil Heads for Weekly Gains on Iran War Risks

Oil is tracking its largest weekly gain since July due to renewed US-Iran hostilities, which have increased fears regarding energy flow disruptions through the Strait of Hormuz. Simultaneously, European natural gas is heading for its fourth consecutive weekly gain. This trend is driven by ongoing fighting in the Middle East, raising significant concerns about prolonged supply disruptions and the stability of winter fuel inventories as the conflict between the involved parties continues to escalate.