Middle East Tensions Drive Oil Prices Higher

Oil prices have surged amid escalating tensions in the Middle East. According to RTHK, the May contract for London Brent crude has risen for four consecutive days, reaching over $113 per barrel and closing at $112.19, marking an increase of approximately 3.3%. Over the week, it has accumulated a rise of about 9%, continuing a five-week upward trend. In contrast, the April contract for New York crude oil failed to surpass the $100 mark, peaking at $99.67 per barrel and closing at $98.32, which is an increase of roughly 2.3%. However, it has seen a weekly decline of 0.4%, ending a four-week streak of gains.