From Iranian attacks in the Strait of Hormuz to the Saudi-Houthi and Russia-Ukraine conflicts, world's oil routes have been hit in the past week.
\n\nGlobal oil prices have climbed sharply as attacks linked to the Iran war intensified in the Strait of Hormuz, Houthi militants launched missiles towards Saudi Arabia and Ukraine threatened further strikes on Russian oil refineries.
\n\nBrent crude futures rose 3.7% to settle at $109.86 a barrel on Friday, after touching $110 for the first time since May. US West Texas Intermediate (WTI) crude gained 3.5% to close at $101.41 a barrel.
\n\nWTI rose by more than 10% over the week, while Brent advanced nearly 5%.
\n\nThe latest gains came amid growing concerns about oil supplies, with attacks on shipping in the Strait of Hormuz disrupting exports and renewed strikes threatening energy infrastructure across the Middle East and Russia.
\n\nIran War Raises Fears Over Oil Supplies
\n\nAt least nine tankers and cargo ships have come under attack in the Strait of Hormuz since Sunday, as Iran seeks to restrict oil exports through the strategic waterway.
\n\nThe US Central Command said Iran sank the container ship GFS Pride on Wednesday. The crew of the Singapore-registered vessel was safely…
Original source: https://www.timesnownews.com/business-economy
