US-Iran Tensions Fuel Oil Price Surge
Crude oil prices have been on the rise due to renewed tensions between the United States and Iran. The conflict has raised concerns about Middle East supply and shipping through the Strait of Hormuz.
Brent crude futures have traded around $96.06 a barrel, putting the global benchmark on track for a weekly gain of about 7.6%. US West Texas Intermediate crude was near $92.10, up roughly 10.4% for the week, according to Reuters.
The advance has returned geopolitical risk to the center of the oil market after fresh U.S.-Iran attacks raised fears that disruptions around the Persian Gulf could restrict crude exports. Iran has expanded restrictions affecting vessels using the Strait of Hormuz, while ship traffic through the waterway has remained well below recent averages.