On Friday, March 13, oil prices fell on Friday as an Indian tanker exited the Strait of Hormuz and the US proposed measures aimed at easing supply concerns. However, they still rose overall for the week due to oil supply disruptions. This was reported by UNN with reference to Reuters.
Details
Brent crude futures for May delivery fell 92 cents, or 0.9%, to $99.54 a barrel at 12:34 GMT, but rose 8% for the week. WTI crude for April delivery fell $1.64, or 1.7%, to $94.09 a barrel, and rose 4% for the week.
On Friday, Goldman Sachs predicted that the average price of Brent crude would exceed $100 a barrel in March and be $85 in April, as energy prices remain volatile due to the war in Iran, damage to energy infrastructure in the Middle East, and disruptions to shipping through the Strait of Hormuz.
Another sign that disruptions could drag on was Reuters sources reporting that Iran had placed about a dozen mines in the strait, which is likely to complicate the reopening of this vital waterway.
Recall
The US Treasury introduced a temporary permit for the purchase of Russian oil loaded on tankers until April 11.