New fears of oil supply disruption as US-Iran hostilities resume

Renewed hostilities between the United States and Iran have brought back fears of oil supply disruption. Prices are on track for their steepest weekly gain since mid-July, up 7.6%, as the US-Iran war enters its seventh month. Twenty-five percent of the world's oil supply comes through the Strait of Hormuz, which has been blocked since the beginning of the war.