Middle East Tensions Fuel Oil Price Surge
Oil prices surged this week, buoyed by concerns over global supply disruptions due to escalating tensions in the Middle East.
The International benchmark Brent crude traded at $94.16 per barrel, up 6.4% from last Friday's close of $88.52, while US benchmark West Texas Intermediate (WTI) crude traded at $87.08 per barrel, up 5.7% from $82.40 a week earlier.
The uncertainty surrounding the Strait of Hormuz remains high as Iran reiterated its stance that it would not reopen the strategic waterway until the US fulfils its commitments under a memorandum of understanding, including lifting the blockade and oil sanctions and ending military operations.
US President Donald Trump ruled out extending the framework agreement with Iran, stating that Washington has 'total control' over the Strait of Hormuz through its blockade, while Tehran maintains that the waterway remains under Iranian control.