Oil eyes second week of gains

Oil prices have risen for the second consecutive week due to ongoing concerns over energy supply disruptions, particularly in the Gulf region, stemming from political instability and its impact on the production and export of oil from Saudi Arabia, Iraq, the UAE, and Kuwait. Brent prices increased by 2.4% to reach $93.82 per barrel, while U.S. crude remained steady at $86.78, with recent gains exceeding 7% and 8% respectively. The movement of ships through the Strait of Hormuz has decreased to just seven vessels, reflecting market fears of potential disruptions to maritime supply routes.

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