Oil Prices Soar on Fresh Mideast Tensions
Benchmark oil prices are poised to close the week with an impressive eight percent gain, nearing $96 per barrel. The surge follows fresh US strikes against Iran and Tehran's retaliatory measures, including targeting US bases in the region and vessels passing through the Strait of Hormuz.
Only six commodity vessels transited the strategic waterway on Wednesday, down from 11 the previous day and below the nearly 13-vessel average over the past ten days. The decline has heightened concerns about prolonged military tensions disrupting crude oil and refined petroleum movements.
The situation has complicated diplomatic efforts to de-escalate the conflict, with US Vice President JD Vance ruling 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 of further disruptions.