Oil gains on production halt
The week ended with rising oil prices, as Brent crude reached $104.72 per barrel and West Texas Intermediate (WTI) hit $91.85 per barrel. This came amid the suspension of over 70% of U.S. oil production in the Gulf of Mexico due to the approaching Hurricane "Ida," which threatens to further disrupt supply disruptions. Alongside this, concerns persist over escalating geopolitical tensions, including issues with Iran, conflicts in the Gulf of Mexico, and the Strait of Hormuz, all of which impact global oil supplies. Despite these factors, prices experienced volatility amid statements about negotiations with Iran and China's renewed fuel exports, signaling a market moving toward equilibrium amid ongoing political and geopolitical pressures.
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