Reflecting an uncertain outlook, oil prices rose on Wednesday, driven by expectations that ongoing uncertainty in the Strait of Hormuz could further tighten global supply.

Oil market ended the week mixed, with a surge in Brent price on concerns over potential supply disruptions linked to a possible US blockade of the Strait of Hormuz, while easing geopolitical tensions and revived hopes for talks with Iran pressured the market.

The prices of crude oil surged sharply on Monday amid heightened concerns about prolonged disruptions to global oil supply following US President Donald Trump’s statements on a blockade of the Strait of Hormuz.

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