Hormuz Shipping Disruptions Send Oil Prices Soaring

OPEC+ countries have continued to implement their production adjustments despite the ongoing conflict between the US and Iran.

The Strait of Hormuz, a critical energy chokepoint, has seen a sharp reduction in vessel movements, with only four commodity vessels transiting on Tuesday compared to a 10-day average of about 13.

Brent crude gained 7.1% this week, reaching $95.67 a barrel, while WTI rose 9.8% to $91.56 a barrel, putting both benchmarks on track for their strongest weekly advances since the week ended July 20.