Oil Rises on Supply Concerns

Muscat: Oil prices rose today as stalled US-Iran peace talks and slower tanker traffic through the Strait of Hormuz heightened concerns about oil supplies. Brent crude futures rose 1% to $89.40 a barrel, while the contract was last up 72 cents at $89.20. US West Texas Intermediate (WTI) crude futures also gained 44 cents to $82.83 a barrel. Both benchmarks rose more than 5% last week amid continued tensions in the Middle East. According to Oman News Agency, the market is reacting to geopolitical uncertainties that are affecting oil supply routes. The Strait of Hormuz, a critical passageway for oil transportation, is facing reduced tanker movement, exacerbating supply concerns. The ongoing US-Iran peace talks, which have yet to make significant progress, are further contributing to the market's apprehension. Analysts are closely monitoring the developments as the situation poses potential risks to global oil supply. The rise in oil prices reflects the market's response to these uncertainties, with traders ad justing their positions in anticipation of possible disruptions.