New York (Commerce Desk): Oil prices in the global market have risen once again following heightened tensions and mutual attacks between the United States and Iran, while energy shipments through the Strait of Hormuz have slowed again. New York United States Iran
According to the British news agency, Brent crude oil futures increased by 58 cents (0.8%), reaching 72.57 dollars per barrel, while U.S. West Texas Intermediate crude rose by 88 cents (1.3%) to 70.11 dollars per barrel.
Analysts at ING stated that the oil market still faces multiple risks. However, market participants are focusing on how restored supply flows could impact global balance if transportation through the Strait continues to recover. ING Group
According to analysts, the current level of market stability is surprising, and there is a clear risk of significant price increases if supply recovery remains slow.
Following disruptions in oil transport through the Strait of Hormuz, Brent crude prices fell by 10.6% last week, marking the third consecutive week of decline. Strait of Hormuz