WTI and Brent Crude See Largest Weekly Gains Amid Middle East Tensions
West Texas Intermediate (WTI) and Brent crude have recorded their largest weekly gains in recent months, largely attributed to ongoing geopolitical tensions in the Middle East. WTI surged by 35.6% to $90.90 per barrel, while Brent crude rose by 27% to $92.69 per barrel, according to data from The National.
The dramatic rise in oil prices is linked to the conflict in Iran and disruptions in the Strait of Hormuz, a critical chokepoint for global oil shipments. Analysts have warned that if these disruptions persist, prices could exceed $100 per barrel.
Bloomberg reports that WTI closed just under $91 per barrel, marking a 12% daily gain, the largest in nearly six years. Brent crude was reported to be near $93 per barrel.
The International Energy Agency (IEA) noted that North Sea dated oil saw a significant monthly increase of $16.50 per barrel, averaging $120.36 per barrel in April, with inventory draws of approximately 250 million barrels over March and April, indicating continued market tightness.