SINGAPORE — Oil prices advanced today as the widening conflict in the Middle East disrupts oil and gas flows, while supply remains constrained amid reduced output from production facilities.
Brent crude climbed by USD 1.67, or 2.05 percent, to settle at USD 83.07 per barrel, while US West Texas Intermediate rose by USD 1.94, or 2.60 percent, to reach USD 76.60.
Shipping traffic through the Strait of Hormuz—a vital conduit for nearly one-fifth of global energy consumption—has ground to an almost complete halt for the fifth consecutive day amid the Israeli and American war on Iran.
(Source: ONA)
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