Global crude oil prices rose to near four-week highs as the 60-day US-Iran memorandum of understanding (MOU) expired this week without a permanent peace agreement. The Strait of Hormuz remains effectively closed, with Iran insisting that it will remain shut until Washington meets Tehran’s demands, while the US naval blockade in the region remains in place.

 

Meanwhile, US President Donald Trump has threatened tougher economic sanctions on Iran and its trading partners, raising concerns over tighter oil supplies in the coming weeks. 

 

During the week at the Intercontinental Exchange (ICE), Brent crude October futures surged 6.6 per cent to settle at 94 US dollars and 39 cents per barrel. West Texas Intermediate crude October futures soared 6.9 per cent to end at 87 US dollars and six cents per barrel.