Oil Extends Weekly Gains Amid US-Iran Tensions and Strait of Hormuz Supply Concerns
Source Summary
Oil prices closed the week 9.7% higher, driven by renewed fighting between the US and Iran that has elevated supply disruption risks at the Strait of Hormuz. The volatile trading week reflected concerns over potential impacts to global crude flows from the geopolitical tensions.
Why it matters
Supply disruptions at the Strait of Hormuz, a critical global oil chokepoint, directly affect crude availability and pricing worldwide.
