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.

Infrastructure Transport

15 Oct 2025

BMC Gets CRZ Nod For Rs 40 Million Gorai Bridge Rebuild

The Brihanmumbai Municipal Corporation (BMC) has secured Coastal Regulation Zone (CRZ) clearance for the reconstruction of the Poisar River bridge in Gorai, located in Mumbai’s western suburbs. However, the proposed demolition of the existing 100-metre bridge has sparked opposition from local residents, who claim it serves as the only direct access route between the Lower and Upper Koliwada areas. The three-decade-old bridge, situated within the CRZ buffer zone, was recently declared structurally unsafe following a civic audit. The BMC has sanctioned its reconstruction at an estimated cost ..

NHAI Completes Rs 15.9 Billion Four-Lane Stretch On ECR

The National Highways Authority of India (NHAI) has completed the four-laning of the 38 km Puducherry–Poondiyankuppam stretch, ending near Cuddalore, in a development that will cut travel time by up to two hours, according to a report by The New Indian Express. The upgraded section, built at a cost of Rs 15.9 billion under the Bharatmala Pariyojana Phase I, marks a major milestone in the ongoing East Coast Road (ECR) widening programme. The project promises a smoother, faster drive for motorists travelling towards Cuddalore, Chidambaram, Sirkazhi, and Nagapattinam. With this completion, 22..

Encroachments Delay Rs 1 Billion Ghatkopar Bridge Project

The construction of a new cable-stayed rail overbridge at Ghatkopar and the widening of the Andheri–Ghatkopar Link Road (AGLR) have been delayed due to the presence of nearly 250 encroached structures on both sides of the road. In response, Municipal Commissioner Bhushan Gagrani has directed officials to carry out a structural audit of the existing bridge over the railway line and enforce temporary restrictions on heavy vehicles to ensure public safety. The bridge, which starts at the Golibar Road junction near LBS Marg and extends up to the Eastern Express Highway (EEH), serves as a critic..