Oil prices climb on Hormuz tensions

Oil prices have risen, with Brent crude registering at $97.33 per barrel and West Texas Intermediate increasing to $92.36. This comes amid concerns over long-term disruptions to Middle Eastern supplies due to retaliatory attacks between the United States and Iran on oil tankers in the Strait of Hormuz. American forces targeted three Iranian vessels, which Iran responded to by attacking three American ships, leading to a deterioration of the maritime situation and increasing risks to global oil supplies. Analysts expect the military conflicts and their impacts to continue, likely delaying a full recovery of flows until late 2026. Concurrently, there is a potential crisis looming in bunker fuel used for ships and electricity generation during the third quarter of the year.

Size: 120%Text Size

Notice: This Is an AI-Generated Summary

Display The Full Article