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
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.