Slow Traffic Through Strait of Hormuz Drives Oil Prices to Weekly Gains
The article discusses the escalating tensions between the United States and Iran and their impact on maritime navigation in the Strait of Hormuz as well as global oil supplies. Shipping traffic through the strait has declined to its lowest level since the escalation began, leading to a significant rise in oil prices, with Brent crude reaching approximately $76.54 per barrel and West Texas Intermediate at $72.17, amidst expectations of further weekly gains. Additionally, data indicates that oil supplies increased by 4.1 million barrels per day in June, but they remain well below pre-war levels, while the military escalation threatens the stability of the global energy market.
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