Brent Crude Oil Weekly Gain: Trump Iran Patience Waning, Strait of Hormuz Tensions - News and Statistics

Brent crude oil is on track for a weekly gain of six percent, driven by President Trump signaling impatience with Iran and escalating tensions at the Strait of Hormuz. The number of vessels transiting the waterway has decreased, and the lack of positive outcomes from the US-China summit is fueling market uncertainty. Concerns are growing about global oil inventory drawdowns, potentially leading to higher oil prices.