Oil Prices Surge 6% in a Week, Brent Nears $95
Global oil prices rose by 6% this week, with Brent crude nearing $95 per barrel, amid expectations of supply shortages due to US sanctions on Iran and the Strait of Hormuz.
Translated by Qiyas from النهار — Original source
Oil prices rose on Friday after U.S. President Donald Trump threatened to impose economic sanctions on Iran’s trading partners, bolstering expectations of a supply shortage in the coming weeks. Brent crude futures settled 61 cents, or 0.65%, higher at $94.39 per barrel. U.S. West Texas Intermediate (WTI) crude futures rose 23 cents, or 0.26%, to $87.06 per barrel. Brent crude gained 6.39% for the week, while WTI rose 5.66%, with both benchmarks hitting their highest levels since July 24 in the previous session, according to Reuters. John Kilduff, partner at Again Capital, said, “Sanctions are the only thing that can rein in Iran.” Crispus Nyaga, research analyst at Empire FX, noted, “The immediate impact on supply may be limited, as Iranian exports are already heavily constrained by the U.S. naval blockade.” He added, “But an increase in shipping incidents and responses to economic sanctions could exacerbate the current situation, as traffic through the Strait of Hormuz remains well below normal levels.” Phil Flynn, senior analyst at Price Futures Group, said alternative solutions and supply sources are being sought while the Strait of Hormuz remains constrained.
