FX.co ★ Oil Heads for Weekly Surge

Crude oil traded above $92 per barrel on Friday and was poised to gain more than 12% for the week, as intensifying tensions in the Middle East stoked concerns over major disruptions to global supplies. US President Donald Trump warned of "major military punishment" against Iran and the Houthis in response to any further attacks on Red Sea shipping and said he was considering a "massive attack" on Iran. His comments followed strikes by Iran-backed Houthi militants on two Saudi oil tankers in the Red Sea, carried out to enforce a newly declared blockade of Saudi ports and open a new front in the conflict. Oil prices have already surged more than 30% from pre-conflict levels this month, as fighting has disrupted crude shipments through the Strait of Hormuz. Adding to the tightening global supply picture, tanker attacks in the Black Sea and Sea of Azov prompted the Caspian Pipeline Consortium to halt crude loadings at its Black Sea terminal, disrupting a critical export corridor that handles about 80% of Kazakhstan’s crude exports.