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Oil prices experienced a significant rise as risks escalated in the Strait of Hormuz. Their weekly gains exceeded 11% due to heightened tensions between the United States and Iran and a decline in shipping activity through the strategic strait, which accounts for about one-fifth of global oil supplies. Prices remained cautious, avoiding a sharp surge, as the market balances the risk of supply disruptions against the potential for other producers to increase output. Additionally, U.S. inventories, which declined by 1.7 million barrels over the week, supported the market, leading to the futures prices of Brent crude reaching $84.54 per barrel and West Texas Intermediate (WTI) at $79.52, both registering weekly gains of over 11%. As a result of these developments, gold and silver headed downward, with gold dropping 3% over the week. Meanwhile, the dollar index stayed around 100.72 points amid expectations of reduced odds of a U.S. interest rate hike, amid anticipation of geopolitical events that could influence the markets.
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