Middle East Tensions Spark Eight-Percent Weekly Oil Price Gain
Benchmark oil prices are on track for an eight per cent weekly gain, climbing towards $96 per barrel on Friday. The surge comes as renewed Middle East hostilities heighten fears of disruptions to global oil supplies.
According to data firm Trading Economics, only six commodity vessels transited the Strait of Hormuz on Wednesday, down from 11 on Tuesday and compared with a 10-day average of nearly 13 vessels. This decline in vessel traffic has complicated diplomatic efforts to de-escalate the conflict.
US Vice President JD Vance has ruled out talks with Tehran unless Iran stops attacking commercial ships in the Strait of Hormuz. Meanwhile, Iran's first vice president warned that the country's response would be 'asymmetrical' and 'multi-layered', raising fears that further military action could disrupt energy shipments.