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The decline in hopes of reaching a diplomatic agreement between the United States and Iran led to a rise in oil prices, amid concerns over disruptions in supply lines following two attacks on ships in the Gulf. Brent crude futures increased by 0.81% to $89.63 per barrel, while West Texas Intermediate rose by 0.85% to $83.91, as shipping traffic through the Strait of Hormuz dropped to its lowest level since the war. The U.S. Energy Information Administration also expects a continued disruption of about 600,000 barrels per day from the region's supplies until the end of 2027. Despite this, U.S. oil inventories unexpectedly rose by 9.1 million barrels during the week, while fuel stocks declined.
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