Oil jumps nearly 12% for week as US-Iran attacks choke Hormuz
Why it matters: Brent traded above $85 and oil flows through the strait have fallen by 4.6 million barrels a day, raising supply risks.
Oil prices rose sharply this week as the United States and Iran expanded attacks across the Gulf, disrupting shipping through the Strait of Hormuz and stoking fears of a broader supply shock. Brent crude climbed to about $85 a barrel and was on track for a weekly gain of nearly 12%, while West Texas Intermediate neared $80. The US launched fresh airstrikes on Iran, and Iranian forces struck ships in the strait, prompting a drop in visible traffic. RBC Capital Markets said a seven-day moving average of oil flows through Hormuz has fallen by 4.6 million barrels a day to 3.9 million. The International Energy Agency’s Fatih Birol warned the global economy could face renewed strain if the disruption lasts for weeks.