US Oil Posts Biggest Weekly Gain in 2 Years Amid Middle East Tensions

Global energy markets are anticipating Israel’s retaliation against Iran’s missile attacks by targeting Tehran’s energy infrastructure.
US Oil Posts Biggest Weekly Gain in 2 Years Amid Middle East Tensions
An oil rig off the coast of Huntington Beach, Calif., on Nov. 29, 2023. John Fredricks/The Epoch Times
|Updated:
0:00

Crude oil prices rallied by nearly 9 percent this week, registering their best weekly performance in roughly two years amid severe geopolitical tensions in the Middle East.

November West Texas Intermediate crude oil prices finished the session up by $0.96, or 1.3 percent, at $74.67 per barrel. U.S. crude registered a weekly gain of 8.8 percent, the biggest weekly increase since October 2022, lifting its year-to-date gain by nearly 5 percent.

Andrew Moran
Andrew Moran
Author
Andrew Moran has been writing about business, economics, and finance for more than a decade. He is the author of "The War on Cash."