Oil prices head for weekly gains amid stalled navigation in the Strait of Hormuz

Oil prices rose during the week due to a slowdown in navigation through the Strait of Hormuz resulting from escalating clashes between the United States and Iran. The risks associated with closing the Strait—through which about 20% of global oil supplies pass—increased, leading to a 6% rise in Brent crude and a 5% increase in West Texas Intermediate crude. However, U.S. President Donald Trump expressed optimism that the conflict would not escalate into a broader war, which helped curb the pace of price increases.

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