Energy · 28 views
Oil Prices Surge as Hormuz Shutdown Keeps Supply Fears Alive
Crude oil prices rallied hard this week as traders focused on the growing supply threat tied to the U.S.-Iran conflict. July WTI crude oil futures settled Thursday at $97.91, gaining $6.79, or 7.45%, for the week.
Summary
Crude oil prices rallied hard this week as traders focused on the growing supply threat tied to the U.S.-Iran conflict. July WTI crude oil futures settled Thursday at $97.91, gaining $6.79, or 7.45%, for the week. Prices traded in a wide range between $92.84 and $99.09 as the market reacted to war headlines, tighter inventories, and inflation concerns. The biggest driver remained the shutdown of the Strait of Hormuz, a key shipping route for global crude exports.
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