Oil: Prices climb on supply risks – UOB

FXStreet Insights Team FXStreet

According to UOB strategists Oil prices extended gains, with Brent crude settling above $96 and posting a strong weekly rise as disruptions to Middle East supply routes and renewed geopolitical tensions supported energy markets. Brent and WTI futures advanced further, with weekly gains approaching 8% and 10% respectively, while markets watch developments in the Strait of Hormuz.

Brent and WTI log strong week

"Oil prices also advanced, with Brent crude settling above US$96/bbl and notching a strong weekly gain, as ongoing disruptions to Middle East supply routes and renewed geopolitical tensions continued to support energy prices."

"Oil prices gained more than 7% for the week after the US and Iran resumed military exchanges in the seventh month of their conflict, while US diesel prices hit a record high."

"Brent crude futures gained 76 cents to close at $96.28/bbl, and West Texas Intermediate crude futures advanced 18 cents to settle at $91.48/bbl."

"Brent was up nearly 8% for the week and WTI gained almost 10%."

"Financial markets will be keeping a close watch on developments in the Middle East and the Strait of Hormuz, with any signs of further disruption to energy supplies likely to influence risk sentiment and oil prices."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)

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