Commodities
Tensions in Hormuz Strait Send Crude Oil Prices Soaring
Crude oil prices are surging amid escalating US-Iran tensions in the Hormuz Strait, with Brent crude hovering near $95.15 per barrel and WTI at $90.77.
The weekly advance for Brent is a 6.6% increase while WTI has surged 8.8%, marking its strongest seven-day performance since mid-July.
The Strait of Hormuz, the world's most vital oil transit point, saw a dramatic reduction in vessel traffic on Thursday with only four commercial cargo vessels passing through compared to an average of 15 ships over a 10-day period.