Oil Prices Soar on Supply Disruptions Amid US-Iran Conflict

Oil prices have risen significantly in recent days due to ongoing supply disruptions caused by the U.S.-Iran conflict. Despite a slight decline on Friday, Brent crude futures and West Texas Intermediate crude futures remain higher for the week. The Brent price has gained more than 7% over the past five trading sessions, while West Texas Intermediate crude futures have increased by over 8%. Disruptions to global supply flows are being closely monitored, particularly through the Strait of Hormuz, where Kpler data showed a decrease in commodity ships sailing compared to pre-conflict levels.

According to BMI, a unit of Fitch Solutions, it will review its Brent price outlook this month due to the ongoing disruptions. The Strait of Hormuz is a critical waterway for global oil consumption, with about one-fifth of global oil moving through it before the conflict. Market attention remains focused on the impact of these supply disruptions and possible changes to forecasts.