Supply disruptions from the US-Iran war and attacks on Russian refineries continue to weigh on global oil markets.
Oil prices fell on Friday as markets assessed the geopolitical outlook in the Middle East, but crude posted strong weekly gains following the latest military escalation between the US and Iran.
Oil prices erased earlier gains after a report said Middle Eastern foreign ministers were seeking an interim agreement with Iran to manage shipping through the Strait of Hormuz, prompting traders to reassess the risk of supply disruptions.
Before the US-Iran war began in late February, around 125 cargo vessels passed through the strait each day, carrying roughly one-fifth of global daily oil and LNG supplies.
Global Benchmark Crude Futures
Crude
Price ($/bbl)
Change ($)
Change (%)
Weekly performance
Brent (November)
104.61
) 3.02 (
) 2.81% (
+8.65%
WTI (October)
100.05
) 2.43 (
) 2.37% (
+9.36%
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