US EditionOil Prices Head for Biggest Weekly Gain Since 2020 as Shipping Nears Standstill
16 Articles
16 Articles
Oil posts its biggest weekly jump since 2020 as the Iran war disrupts Hormuz
Oil became this week’s clearest barometer of the Middle East crisis, with Brent hovering near US$90 a barrel and WTI around US$87.5, putting both contracts on track for their biggest weekly advance since 2020. The same factor sits behind the surge: the de facto blockage of the Strait of Hormuz, through which roughly one-fifth of the world’s oil normally passes.
The oil market came under pressure after dire warnings raised concerns about further disruptions to global energy flows as the conflict in the Middle East escalated. The price of US West Texas Intermediate (WTI) crude rose more than 6% to above $86 a barrel. The price of international Brent crude rose more than 4% to trade above $89 a barrel. Earlier, Qatar's energy minister, Saad al-Kaabi, warned that Gulf exporters could be forced to suspend p…
Oil prices continue to rise as the de facto closure of the Strait of Ormuz, which blocks the flow of energy from the Middle East, persists.
The price of Brent quality crude, of reference for Europe, came to be quoted this Friday at 87,62...
Crude headed Friday to its biggest weekly gain from the extreme volatility of the COVID-19 pandemic in the spring of 2020
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