FX.co ★ Oil Set to Rise Sharply

Oil prices are poised for a sharp increase when trading resumes Sunday night, as unprecedented U.S. and Israeli strikes on Iran have escalated tensions in the Middle East and raised fears of potential disruptions to global energy supplies. Since the start of the year, prices have been underpinned by persistent geopolitical risks. On Friday, WTI crude futures rose to around $67 per barrel, hovering near a seven-month high, as traders reacted nervously to reports that U.S. officials left talks in Geneva disappointed by the lack of progress, even as Iranian and Omani representatives expressed a more optimistic outlook.