Oil prices near three-week highs
Oil prices have risen for the third consecutive session, approaching their highest levels in three weeks. The increase is driven by ongoing concerns regarding the stability of supply chains and tensions over maritime navigation through the Strait of Hormuz, where Iran has closed the waterway to meet certain conditions. Brent crude contracts rose to $91.07 per barrel, while West Texas Intermediate crude increased to $84.99, amid market expectations and supply balance uncertainties caused by the ambiguity surrounding agreements. Despite these constraints, shipping operations through alternative routes have continued to ensure the flow of supplies. Meanwhile, additional maritime disruptions in the Red Sea, following attacks on ships, are affecting price stability, shipping costs, and insurance premiums in the region.
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