Oil prices hit four-week high amid Hormuz tension

The article focuses on oil prices reaching their highest level in over three weeks, driven by escalating tensions and the threat to oil export movements through the Strait of Hormuz, amidst rising tensions between Washington and Tehran. The escalation has led to a slowdown in oil tanker navigation and the diversion of supplies through alternative routes, in addition to diminishing hopes for de-escalation among the involved parties. Price support comes from declining U.S. oil inventories and shipping companies avoiding the strait, alongside Iraq and Gulf states' efforts to diversify export routes to ensure the continuity of supply, despite limited alternatives. Ongoing tensions and geopolitical changes keep oil prices at their highest levels, posing long-term risks to the global energy market.

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