Oil Prices Firm Above $84 Amid Middle East Tensions
Global crude oil prices have remained elevated amid persistent geopolitical tensions in the Middle East. Benchmark prices are holding firm above US$84 a barrel, while Brent crude is hovering near US$92 a barrel after weekly gains of more than 3 per cent.
The United States and Iran's stalled dialogue, as well as tensions surrounding the Strait of Hormuz, continue to fuel concerns over energy supplies and maritime trade. US President Donald Trump has said that oil shipments through the waterway remain operational, but indicated that Washington could resume discussions with Tehran at a later stage.
Despite the escalation, Gulf oil producers have continued exporting crude through alternative transport routes and less exposed shipping channels, helping to mitigate immediate supply concerns.