Oil prices stabilize after the surge at the start of the week

The price of crude oil worldwide has risen by almost US$20 in recent days. Photo: iStock

Oil prices stabilize after the surge at the start of the week

TL;DR

  • Oil prices stabilized after a sharp increase due to Middle East conflict.
  • Analysts expect available oil volumes to rise in the coming days, easing supply fears.
  • Traffic through the Strait of Hormuz, crucial for global oil and LNG, dropped by 90%.
  • US President Trump suggested potential military escorts for tankers through the strait.
  • The price of Brent crude remained unchanged at $81.40, while WTI saw a slight increase to $74.66.
  • Oil prices are, on average, $20 higher than at the beginning of the year.
  • Fitch Ratings noted a global oil market surplus that should limit geopolitical risk premiums and price increases.