Oil Prices Set for Biggest Weekly Surge Since April as Iran War Escalates
Oil prices were headed early on Friday for a 12% weekly gain, the biggest jump in one week since April, as the re-escalation in the Middle East and the abrupt halt to the recovery of Strait of Hormuz flows pushed crude futures prices to the highest in over a month. In Asian trade on Friday, both ben
Source: OilPrice.com
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DW NOTE
The Strait of Hormuz reopened June 17 after a four-month Iranian blockade, but the ceasefire is now on the verge of collapse — only 513 ships made it through in the first 18 days, and passage is at risk again. WTI is up 10.4% this week to $79.60, which sounds dramatic until you notice it's still 30% below the one-year high set when the blockade began.