Oil Prices Rise for Third Consecutive Day
ARK News.. Oil prices continued to rise for a third consecutive day as prospects for a near-term resolution to the war between the United States and Iran weakened, amid reports of a new attack on a vessel in the Strait of Hormuz.
According to media reports, Brent crude rose above $91 per barrel, while NYMEX crude traded near $85 per barrel.
Crude prices have risen by around 50% this year as the ongoing war has disrupted energy flows from the Middle East.
Despite the disruptions, Gulf oil producers appear to have become more capable of transporting crude through the Strait of Hormuz via shuttle-style voyages to reach global customers. Saudi Arabia is also now offering cargoes sourced from outside the waterway.
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