Oil prices rise, marking biggest weekly gains in over a year amid conflict

08 Oct 2024 CW Team

Oil prices experienced a rise on Friday, marking their largest weekly gains in over a year, driven by the escalating threat of a regional war in the Middle East. However, the gains were tempered after US President Joe Biden advised Israel against targeting Iranian oil facilities.

Brent crude futures increased by 43 cents, or 0.6 per cent, settling at $78.05 per barrel, while US West Texas Intermediate crude futures rose by 67 cents, or 0.9 per cent, closing at $74.38 per barrel.

Israel vowed to retaliate against Iran following a missile attack launched at Israel, which occurred after Israel had assassinated the leader of Iran-backed Hezbollah a week prior. These developments prompted oil analysts to caution their clients about the potential consequences of a wider conflict in the Middle East.

During the trading session, oil prices surged nearly 2 per cent but experienced a sharp decline after Biden indicated that, if he were in Israel's position, he would contemplate alternatives to striking Iranian oil fields. Oil benchmarks had soared over 5 per cent after Biden confirmed that the US was engaged in discussions with Israel regarding support for a strike on Iranian energy infrastructure.

In terms of weekly performance, Brent crude saw an increase of over 8 per cent, the highest weekly gain since January 2023, while WTI recorded a 9.1 per cent rise week-over-week, the most significant increase since March 2023.

Equipment

03 Jun 2026

John Crane Retrofit Cuts Water Use at Copper Mine Pump

John Crane has retrofitted a mechanical seal on a large underflow thickener slurry pump at a major copper mining operation, reducing sealing water consumption by around 288,000 litres per day while improving maintenance efficiency on a critical asset.The retrofit replaced the pump's traditional stuffing box arrangement, which required shaft sleeve replacement every four months due to abrasive wear. These maintenance activities involved significant downtime, a 100-tonne crane and extensive manpower.John Crane developed a mechanical seal package that could be installed without modifying the exis..

TKIL Industries Appoints Gaurav Srivastava as CFO

TKIL Industries has appointed Gaurav Kumar Srivastava as Chief Financial Officer (CFO), effective 1 June 2026. He succeeds Ketan Pendse, Chief Financial Officer and Whole-time Director, who is stepping down after more than two decades with the company. Srivastava previously served as Executive Vice President, Finance & Taxation.Announcing the appointment, Vivek Bhatia, Managing Director & CEO, TKIL Industries, thanked Pendse for his long-standing contribution to the organisation and wished him success in his future endeavours.Bhatia said, “Gaurav’s appointment reflects our continued focus ..

Siemens Launches Intelligence Center X for AI

Siemens has launched Intelligence Center X, an industrial AI orchestration software designed to help organisations move from isolated AI pilots to scalable business impact. The software enables people and AI agents to work together through shared context, workflows and lifecycle intelligence.Part of Siemens Xcelerator, Intelligence Center X connects industrial data, models and workflows on a governed foundation, allowing companies to deploy AI-driven applications and agents with traceability and control. It combines the Mendix low-code platform with Siemens’ Graph Studio and AI Studio softwa..