Oil Prices Surge as Hormuz Shutdown Keeps Supply Fears Alive

Crude oil prices rallied hard this week as traders focused on the growing supply threat tied to the U. S. -Iran conflict. July WTI crude oil futures settled Thursday at $97. 91, gaining $6. 79, or 7. 45%, for the week. Prices traded in a wide range between $92. 84 and $99.

09 as the market reacted to war headlines, tighter inventories, and inflation concerns. The biggest driver remained the shutdown of the Strait of Hormuz, a key shipping route for global crude exports.