Oil rises above $96 per barrel, US-Iran tensions raise fears for Hormuz

The price of Brent oil has climbed back near $96 a barrel, as tensions between the US and Iran have added to concerns about global energy supplies.

Brent is trading around $96 a barrel, up about 0.3% on the day and more than 7% on the week. U.S. WTI crude is near $92 a barrel.

The price increase comes as tensions between Washington and Tehran escalate. US attacks have been followed by Iranian retaliation, while there have also been reports of attacks on ships moving through the Strait of Hormuz.

Hormuz is one of the world's most important oil and gas shipping routes. Any prolonged disruption to traffic in the area could hit global supplies and lead to further price increases.

However, the US administration claims that maritime traffic through the strait has returned to levels close to those of the pre-conflict period.

US Vice President JD Vance said the situation in Hormuz has improved significantly, while President Donald Trump declared that the US has "great control" over this sea route.

According to Trump, dozens of ships are passing through the strait every night. US Energy Secretary Chris Wright spoke of about 17 million barrels of oil per day, while Trump released a chart that put the figure at about 18 million barrels.

These figures are still lower than the levels mentioned before the conflict, of around 20 million barrels per day.

Meanwhile, markets remain concerned that a new military escalation could again hit shipping through the Strait of Hormuz. Such a scenario would put further pressure on oil prices and could directly impact fuel prices on international markets.

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