- Brent headed for biggest weekly gain in 4 years
- Oil benchmarks surge over 16% WTD
- Closure of Strait of Hormuz fuels supply shock fears
- Brent bullish with $100 the next key level
Oil benchmarks are headed for their biggest weekly surge since 2022, with Brent surging 18% this week, punching above $85 on Friday.
Global oil markets have been thrown into turmoil by the US and Israeli war against Iran. With shipping through the Strait of Hormuz effectively shut amid the conflict, this could push oil prices higher with any supply shocks driving Brent toward $90 and $100.
Easing tensions or the re-opening of the Strait of Hormuz may cool supply-side fears, triggering a decline back toward $80, $78 and $75.
