War Drives Oil Prices to Record Highs

SadaNews Economy - The price of American oil recorded its largest weekly gains in history, following the eighth day of the war between the United States and Israel on one side, and Iran on the other, which disrupted vital energy flows in the market, and nearly stopped shipping traffic through the "Strait of Hormuz."

The price of West Texas Intermediate crude rose by more than 12%, closing just below $91 per barrel, marking its largest daily increase in nearly six years, while the Brent benchmark finished trading close to $93 per barrel.

Estimates from "Citigroup" indicate that the crude oil market is losing between 7 and 11 million barrels per day in supplies due to the halt in shipping traffic in the Strait of Hormuz.