FX.co ★ Oil Heads for Sharp Weekly Rise

Crude oil rose toward $104 per barrel on Friday and was poised to gain more than 13% for the week, its largest weekly increase since mid-July. The surge came as escalating hostilities between the US and Iran heightened concerns about prolonged disruptions to global energy supplies. Senior US officials have reportedly warned President Donald Trump that the conflict could persist through the remainder of his term, which runs until January 2029. On the other side, Iranian leaders are said to be determined to continue the fight despite mounting economic pressure, viewing the war as an existential struggle. They also claim that Tehran has rebuilt its missile capabilities and could step up attacks on US and Gulf targets if Washington intensifies its own strikes. The fighting has escalated over the past two weeks, with the US targeting Iranian oil tankers and Iran launching missiles at US warships and tankers in the Persian Gulf, as well as against American assets in neighboring countries.