Oil Prices Head for a Weekly Loss Despite Escalating Iran Tensions

Crude oil prices were on course to book another weekly loss despite no sign of any progress being made towards peace between Iran and the United States. At the time of writing, Brent crude was trading at $89.17 per barrel, with West Texas Intermediate at $83.19 per barrel. Brent was down by 5.3% over the week, and WTI was set for a 4.3% decline, Reuters reported earlier today. The price trend is interesting in light of reports from vessel-tracking companies that tanker traffic in the Strait of Hormuz remains much weaker than it was before the war. The price dip also came despite the U.S. Treasury announcing what it described as the "toughest sanctions in history" to force Iran to reopen the Strait of Hormuz.