Oil Prices Head for 4% Weekly Gain as U.S.-Iran Deadlock Drags On
Crude oil prices were on course to add 4% this week, as the United States and Iran indicated they are no closer to a peace deal than they were at the start of the war.
At the time of writing, Brent crude was trading at $87.12 per barrel, and West Texas Intermediate was trading at $81.36 per barrel.
The rise of both benchmarks was driven by low tanker traffic through the Strait of Hormuz, which remains at a fraction of pre-war levels, and the United States' threat to keep its naval blockade of Iran in place “indefinitely” and exert…
Iran and US duel over Hormuz control
- Will declare Strait of Hormuz 'US territory' after defeating Iran: Trump Business Standard —
- U.S. to use economic tactics on Iran `that have never been seen'; Navy works to relieve troubled carrier Abraham Lincoln CNBC —
- Trump vows to ‘soon’ declare Strait of Hormuz part of US territory Malay Mail —
- Iran defiant on strait as Trump tells Americans to accept high gas prices Channel News Asia —
- Trump says he would make the Strait of Hormuz US territory Scripps News —