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Oil swap unblocks markets as US crude rises
Brent crude achieved a weekly increase of 4.9%, reaching $109.67 per barrel, while U.S. Light Sweet crude gained over 10% to reach $101.84. Amid concerns over potential supply shortages, oil prices continue to rise for the fourth consecutive week, despite efforts to swap oil that have failed to calm the market. The U.S. Department of Energy announced a solicitation to swap up to 17 million barrels from its strategic reserves as part of a global agreement made in March to reduce prices. This represents the final batch of a withdrawal of approximately 40 million remaining barrels from the U.S. reserve, following the withdrawal of about 132.5 million barrels since the start of the war with Iran.
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