Oil heads for another losing week, but analyst warns sluggish Strait of Hormuz traffic could send price soaring again

AI Summary

Oil prices are heading toward another losing week amid concerns about reduced traffic through the Strait of Hormuz. Iran warned vessels to adhere to approved routes, while evacuation efforts at the strait have been paused by a U.N. organization.

Iran warned on Thursday that vessels not following approved routes would be be dealt with ‘accordingly,’ and a U.N. organization paused ship-evacuation efforts at the strait.