Crude Oil Prices to Remain Volatile as Strait of Hormuz Developments Continue
Crude oil prices are expected to remain volatile in the coming week as markets continue to monitor developments around the Strait of Hormuz, a key global oil transit route.
The energy market saw significant swings during the past week due to changing expectations regarding an agreement to reopen shipping through the Strait of Hormuz. As a result, crude oil prices have been fluctuating rapidly, with Brent crude futures rising 1.29% to USD 83.55 per barrel on Friday but remaining below last week's close of USD 90.12.
According to commodity market experts, the volatility in crude oil prices is likely to persist as markets track events around the Strait of Hormuz. Additionally, if geopolitical risks remain contained, the Indian rupee could gain further ground against the US dollar.