Oil prices advanced for the week as tensions in the Middle East persisted into the fourth week of conflict, disrupting key shipping routes. The Strait of Hormuz remained effectively closed, and ongoing military strikes across the region heightened supply concerns. Brent crude rose above $108 per barrel, marking its highest level since mid-2022 and posting gains exceeding 5% for the week. West Texas Intermediate for May settled near $94. Regional developments included statements from Iran’s Islamic Revolutionary Guard Corps asserting continued missile production capabilities, reported by the semi-official Fars news agency.
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