Oil prices are rising amid restricted traffic through the Strait of Hormuz
Oil prices rose on Friday, 10 April, amid renewed concerns over supplies from Saudi Arabia and because tanker traffic through the Strait of Hormuz remains almost completely restricted, Reuters reports.
Brent crude futures rose by 58 cents, or 0.60%, to $96.50 per barrel. West Texas Intermediate futures rose by 49 cents, or 0.50%, to $98.36 per barrel.
However, over the week, both contracts lost around 11%, marking the biggest weekly decline since June 2025.
Attacks on Saudi Arabia’s energy facilities have reduced the country’s production capacity by approximately 600,000 barrels per day. The throughput of the East-West pipeline has decreased by approximately 700,000 barrels per day.
Analysts at ANZ noted that fears of further supply disruptions intensified following the publication of data by the Saudi Arabian Ministry of Energy.
On Thursday, shipping volumes through the Strait of Hormuz remained below 10% of normal levels, despite the ceasefire.
John Pace, president of energy consultancy Stratas Advisors, said that Brent crude prices could rise to $190 per barrel if flows through the Strait of Hormuz remain at current levels.
“If Iran allows flows to increase, the price of oil will be more moderate, but still significantly higher than pre-war levels,” he said.
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