Oil nears $97 as markets wait

The Strait of Hormuz experienced a prolonged closure that resulted in unprecedented losses in the global oil market, with approximately 1.2 billion barrels disappearing over three months, and direct economic losses exceeding $100 billion. Due to the ongoing closure, the market is losing about 100 million barrels weekly, putting pressure on energy supplies and impacting fuel prices and living costs. It is also expected to threaten around 14 million jobs this year. Despite an 18% drop in oil prices last month, experts like Goldman Sachs anticipate that prices will remain between $90 and $100 per barrel due to stock shortages and market tensions.

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