Oil Prices Head for 20% Monthly Surge Despite Recent Pullback

Crude oil prices have been trending lower over the past couple of days, but the benchmarks are on course to book both a weekly and a monthly rise. On a monthly basis, Brent crude and West Texas Intermediate have both gained close to 20%. At the time of writing, Brent crude was trading at $87.

67 per barrel, and WTI was changing hands for $82. 07 per barrel, both down by 1% from Thursday on reports about more tankers crossing the Strait of Hormuz even as hostilities between Iran and the United States continue.