Oil prices headed for weekly gain amid ongoing Middle East supply concerns
Oil prices have risen and are on track to achieve weekly gains of about six percent after renewed concerns over supply disruptions from the Gulf due to ongoing fighting between the United States and Iran, which has led to disruptions in shipping traffic through the Strait of Hormuz. The price of Brent crude reached $76.59 per barrel, while West Texas Intermediate stood at $72.25, amid declining traffic through the strait and delays in its reopening. The International Energy Agency stated that escalating clashes could undermine the market surplus forecasts for the coming year, while tensions remain high as the market awaits any further escalation.
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