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Commodities

Tensions Between US and Iran Fuel Oil Price Rally

Guavy AI Editorial Team
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Oil
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Oil prices remain steady on Friday, but are poised for significant gains this week due to escalating tensions between the US and Iran.

The Strait of Hormuz, a critical waterway for global oil shipments, remains a focal point for traders. Iran has expanded restrictions on international shipping through the waterway, raising concerns that disruptions could persist and tighten global oil markets.

US commercial crude stocks fell to about 424.5 million barrels in the week ended August 28, down from 428.9 million barrels a week earlier, according to the Energy Information Administration.

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