Oil set for another week of gains amid Strait tension

Oil prices are showing a significant rise amid growing concerns over potential geopolitical escalation in the Strait of Hormuz. The market is experiencing either a second consecutive weekly gain or being influenced by risks related to supply disruptions from the Middle East and the release of emergency reserves. Brent crude neared $106 per barrel, up approximately 1% this week, while WTI (West Texas Intermediate) surpassed $97, with the spread between the two narrowing due to increased demand for American oil and lower shipping costs. Tensions intensified after an Iranian container ship was sunk in the Strait of Hormuz. As trade flows continue through the region, geopolitical risks remain affecting the market, amid U.S. statements about the possibility of military escalation, including the potential use of nuclear weapons against Iran. Regarding supplies, US crude inventories decreased by 8.6 million barrels last week, the largest weekly drop since February, driven by halted production due to Hurricane Epsilon and increased refining activity and exports.

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