Tension in the Strait of Hormuz Impacts Oil Prices

Rising tensions in the Middle East and disruptions in critical oil shipment routes have led to a sharp increase in global oil prices. Brent oil futures contracts rose by almost 1% on the first day of the week, reaching $89.40. The price of a barrel of US West Texas-type crude oil (WTI) also increased to $82.83. The near-halt of tanker traffic in the Strait of Hormuz has been the most significant factor affecting the oil market. The targeting of tankers belonging to the Abu Dhabi National Oil Company (ADNOC) and a Saudi Aramco refinery has paralyzed maritime trade in the region. According to data from the ship tracking platform Kpler, only 5 commercial ships passed through the strait on Saturday, compared to 31 the previous weekend; no passages were recorded on Sunday.