Crude oil prices in the global energy market have surged unexpectedly, primarily due to ongoing attacks between the United States and Iran. The recent tit-for-tat strikes have once again disrupted shipping through the Strait of Hormuz, leading to an increase in oil prices.
Brent crude futures rose by 58 cents, or 0.8 percent, reaching $72.57 per barrel. Meanwhile, US West Texas Intermediate (WTI) crude was trading at $70.11 per barrel after a rise of 88 cents, or 1.3 percent.
It is worth noting that Brent crude experienced a decline of 10.6 percent last week, marking its third consecutive weekly drop.
Experts suggest that the global oil market is currently influenced by various risks, and investors are closely monitoring the potential impact of an improvement in global supply on overall market balance.
They warn that the current complacency in the market could be hazardous if the restoration of supply takes longer than anticipated.
Currently, oil shipments face several challenges, including delays in tanker deliveries, damage to infrastructure, and certain production shutdowns.
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