Oil prices experienced a volatile period this week, with crude futures on track for a weekly gain of around 5%. Brent topped US$80 a barrel for the first time in two weeks. Prices fluctuated on Thursday, rising amid worries over supply disruptions in the Middle East before falling later in the day.
The market volatility followed fresh US military strikes on Iran and renewed attacks on ships in the Strait of Hormuz. These conflicts resulted in curtailed traffic through the strait, heightening concerns regarding the stability of oil supplies from the region.
President Donald Trump initially declared that the ceasefire with Iran was over following the attacks in the Strait of Hormuz. He later stated that he expected the military flare-up to end quickly and left the door open for more talks. Despite the recent fighting, talks between the US and Iran are said to be continuing.