Oil prices climb over Strait disruptions

Oil prices have steadily risen due to the recent escalation in hostilities between the United States and Iran, which has sparked concerns over ongoing disruptions to energy flows through the Strait of Hormuz. Brent crude prices hovered around $91 per barrel, while Nymex futures continued to climb above $86, following a 2.8% increase on Monday. This occurred alongside Iranian attacks on sites in the UAE and Jordan in response to American strikes targeting Iranian bases, raising fears of the conflict spreading further in the region. Outlooks suggest that oil prices will continue to rise, amid a reduced vessel crossing volume through the Strait of Hormuz to just five ships daily, amid ongoing threats to this vital passage and some ships disabling their communication devices to avoid detection. Gulf exports have tumbled to about two-thirds of pre-war levels. On another note, ADNOC has fully restarted the Ruwais refinery, boosting fuel production. Market forecasts indicate that oil prices are likely to remain above $80 per barrel through 2026, amid ongoing shipping disruptions and security risks in the region.

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