Oil drilling rigs
Oil prices rose today, March 17, amid continued uncertainty over the US-led coalition to protect shipping through the Strait of Hormuz. 
Brent crude was trading up 4.59% at $104.81 a barrel, at 09:04 am Makkah time. West Texas Intermediate (WTI) rose 5.10% to $98.27 a barrel.
Oil prices are up more than 40% since the start of the war, but fell for the first time in four sessions on March 16, as the US prepared to release the first tranche of its emergency crude reserves.
Goldman Sachs expects the biggest shock to the oil market ever, caused by the war in the Middle East, to have a greater impact on products such as jet fuel and diesel than on crude oil.
US Treasury Secretary Scott Bessent said yesterday that the US is allowing Iranian oil tankers to pass through the Strait of Hormuz, and the Wall Street Journal quoted officials as saying that Washington will soon announce an international coalition to escort ships through the waterway.
President Trump indicated that the coalition has not yet been formed, and urged other countries to join, expressing his frustration at the reluctance of some countries to participate.
Oil drilling rigs
Oil prices rose today, March 17, amid continued uncertainty over the US-led coalition to protect shipping through the Strait of Hormuz.
Brent crude was trading up 4.59% at $104.81 a barrel, at 09:04 am Makkah time. West Texas Intermediate (WTI) rose 5.10% to $98.27 a barrel.
Oil prices are up more than 40% since the start of the war, but fell for the first time in four sessions on March 16, as the US prepared to release the first tranche of its emergency crude reserves.
Goldman Sachs expects the biggest shock to the oil market ever, caused by the war in the Middle East, to have a greater impact on products such as jet fuel and diesel than on crude oil.
US Treasury Secretary Scott Bessent said yesterday that the US is allowing Iranian oil tankers to pass through the Strait of Hormuz, and the Wall Street Journal quoted officials as saying that Washington will soon announce an international coalition to escort ships through the waterway.
President Trump indicated that the coalition has not yet been formed, and urged other countries to join, expressing his frustration at the reluctance of some countries to participate.
