Oil rises and approaches the biggest weekly gain since April amid tensions in the Middle East

A drone view shows an offshore oil platform in Guanabara Bay, in Niterói, in the state of Rio de Janeiro. Pilar Olivares / Reuters Oil prices rise this Friday (17) and are on track to record the biggest weekly increase since April. Around 11 am, a barrel of Brent, the international reference for the commodity, increased 2.86%, quoted at US$86.64. As a result, it had accumulated gains of more than 13% in the week so far and was on track to record the biggest weekly increase since April, when commodity prices rose 16.5% in the week ending April 24. ?? Do you have any reporting suggestions? Send to g1 West Texas Intermediate (WTI), from the United States, rose 3.15%, to US$ 81.44 per barrel. In the week so far, the commodity has accumulated a gain of 12.4%.

The rise in oil prices on the international market is driven by fears regarding traffic in the Strait of Hormuz, a route through which around 20% of all global trade in the commodity passes. The channel was blocked by Iran in retaliation for attacks carried out by the United States in recent days. Amid tensions, American President Donald Trump resumed the blockade of Iranian vessels in the Strait. The Republican even considered charging a 20% toll on products from ships traveling through the canal, but backed down and said he would replace the fee with trade and investment agreements with "several countries" in the Persian Gulf. The escalation of the conflict once again raises concerns about possible impacts on the global oil supply at a time of reduced stocks and high demand for the commodity. The fear is that the rise in oil prices will continue to boost fuel prices and result not only in an increase in global inflation, but also have an impact on interest rates and economic activity in several countries.

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