Crude oil was set today for its strongest weekly gain since the extreme volatility of the Covid‑19 pandemic in spring 2020, as conflict in the Middle East kept shipping and energy exports through the vital Strait of Hormuz halted.
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Oil set for steepest weekly gain since Ukraine invasion
oil-pricesmiddle-eastenergy-exportsstrait-of-hormuzcovid-19-pandemicgeopolitical-tensions
Oil is on track for its largest weekly gain since the COVID-19 pandemic in 2020, due to Middle East conflict disrupting shipping and energy exports through the Strait of Hormuz. This volatility is driven by geopolitical tensions and their impact on global energy markets. The conflict has halted exports, causing a surge in oil prices. The situation is being closely monitored by market analysts and investors.