Brent crude oil prices fell 3.9% to USD96.78 last Friday
Oil prices are under pressure due to escalating tensions in the Persian Gulf. The potential closure of the Strait of Bab al-Mandab poses a significant threat to supply routes.
The renewed escalation in the Persian Gulf has pushed crude oil prices up sharply, with Brent crude oil prices rising 9.9% for the week. This was the fourth consecutive weekly rise.
Emerging bottlenecks in refined products could also contribute to upward pressure on oil prices. Any sustained disruption to Saudi export alternatives could renew upward pressure on oil prices.