Crude oil prices rallied hard this week as traders focused on the growing supply threat tied to the U.S.-Iran conflict. July WTI crude oil futures settled Thursday at $97.91, gaining $6.79, or 7.45%, for the week.
Prices traded in a wide range between $92.84 and $99.09 as the market reacted to war headlines, tighter inventories, and inflation concerns. The biggest driver remained the shutdown of the Strait of Hormuz, a key shipping route for global crude exports.
Crude Oil News Today: Strait of Hormuz Shutdown Keeps Supply Fears Elevated
The war between the United States and Iran continued to dominate trading activity. Fighting that started in late February has now disrupted a major portion of global oil flows.
The closure of the Strait of Hormuz has cut off access to roughly one-fifth of the world’s seaborne crude shipments, creating major stress across energy markets.
Early in the week, comments from U.S. officials suggesting the ceasefire situation remained unstable triggered fresh buying. Reports of tanker seizures and naval clashes added more fuel to the rally.
Even though OPEC+ announced production increases in recent weeks, traders saw little immediate benefit because many barrels still cannot move efficiently through the Gulf region.
Shipping costs also climbed as suppliers rerouted cargoes around Africa to avoid conflict zones. Longer travel times tightened prompt supplies and kept buyers aggressive. That helped support the strong bullish tone…
