Oil set for second weekly gain as Hormuz attacks lift tanker rates

· Energy · United States · Iran

Oil was set for a second weekly advance as increasing Middle East supply risks weighed against a fresh release of emergency reserves, Bloomberg reported. US crude traded near $98 as Iran stepped up attacks in the Strait of Hormuz, with traders assessing attacks on ships passing through the waterway. The physical price of oil can cost about $38 a barrel more to deliver as tanker rates surge, and prices of 15-year-old oil tankers now top new builds.

Why it matters：Rising oil and shipping costs from Hormuz disruptions threaten global inflation and energy security, especially for import-dependent economies.

Key points

  • Oil was set for a second weekly gain amid Middle East supply risks
  • US crude traded near $98 as Iran stepped up attacks in the Strait of Hormuz
  • Physical oil delivery costs can be about $38 a barrel higher as tanker rates surge

Sources (original reporting)

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