Oil prices surge to highest weekly gains in six years amid Iran-US tensions

Oil prices soared sharply at the end of the week, posting their highest weekly gains in six years as markets reacted to the effective closure of the Strait of Hormuz. The critical waterway's disruption resulted from escalating tensions between the United States and Iran, paralyzing approximately one-third of the world's maritime oil shipments. The Strait of Hormuz serves as a crucial chokepoint for global oil transport, connecting the Persian Gulf to international markets and handling roughly 20% of all petroleum liquids traded worldwide.