17 Hrs
Source:
البلاد
Oil prices stay near one-week peak
Recently, oil prices rose to their highest levels in over a week, amid fading hopes of reaching an agreement between the United States and Iran to end the conflict and reopen the Strait of Hormuz. Tensions and fears of closing the strait—particularly after threats from Iran and Oman to impose a ban on passage for hostile vessels—have kept insurance costs high and limited oil flows. As a result, oil exports through the strait decreased to an average of 3 million barrels per day in the past week, down from 4.4 million barrels the previous week. Additionally, Trump's stance demanding compensation for damages has increased uncertainty, contributing to the ongoing rise in prices and market volatility.
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