Oil prices surge 6% in a week as Brent nears $95 a barrel

Oil prices surged during Friday’s session after US President Donald Trump threatened to impose economic sanctions on Iran’s trading partners, heightening expectations of supply shortages in the coming weeks.

Brent crude futures settled up 61 cents, or 0.65%, at $94.39 a barrel. US West Texas Intermediate (WTI) futures rose 23 cents, or 0.26%, to $87.06 a barrel, according to Al Arabiya.

Brent crude gained 6.39% this week, while WTI climbed 5.66%, with both benchmarks reaching their highest levels since July 24 in the previous session.