U.S. crude oil prices rise above $90, Iran conflict continues to impact energy supply

U.S. crude oil futures prices broke above $90 per barrel for the first time since October 2023, due to disruptions in key energy markets caused by the Iran conflict, with shipping through the Strait of Hormuz nearly coming to a complete halt. U.S. benchmark crude futures rose over 11%, potentially marking the largest weekly percentage gain in at least twenty years. The global benchmark Brent crude increased more than 8%, surpassing $92 per barrel. Citibank estimates that due to disruptions in Strait of Hormuz transportation, the global oil market’s daily supply has decreased by approximately 7 million to 11 million barrels.

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