The Strait of Hormuz remains the key focus for energy markets. A sharp decline in vessel traffic through the strategic waterway has raised concerns that prolonged disruption could restrict global crude supplies and push prices higher. (AP Photo/Hajarah Nalwadda)
\n\nOil prices ended the week sharply higher as renewed US-Iran military exchanges intensified fears of supply disruptions in the Middle East, with Brent crude settling at $96.28 a barrel and US West Texas Intermediate (WTI) at $91.48.
\n\nBrent futures gained 76 cents, or 0.8 per cent, on Friday, while WTI rose 18 cents, or 0.2 per cent. Over the week, Brent climbed 7.6 per cent and WTI gained nearly 10 per cent, marking the strongest weekly advance since the middle of July.
\n\nThe latest gains came after the United States and Iran resumed military exchanges, with Washington also striking three Iranian crude oil tankers following missile attacks on US Navy vessels, according to US Central Command. The escalation has added to concerns about the security of oil shipments in and around the Strait of Hormuz.
\n\nThe Strait of Hormuz remains the key focus for energy markets. A sharp decline in vessel traffic through the strategic waterway has raised concerns that prolonged…
Original source: https://www.timesnownews.com/lifestyle
