Oil prices are on track for their biggest weekly gain since April as renewed military conflict around Iran disrupts Middle Eastern oil exports and raises fears of broader shipping disruptions.

Oil prices climbed to multi-week highs as renewed U.S.-Iran tensions and concerns over Strait of Hormuz shipping disruptions revived the geopolitical risk premium.

Oil prices surged amid US-Iran tensions. Crude oil reaching a new all-time high by December 31 at 14.5% YES.