Oil set for second weekly rise as unsettled US-Iran war crimps supply
XLE•BMI outlook and Strait of Hormuz traffic
BMI, a unit of Fitch Solutions, said on Friday it will review its Brent price outlook this month, adding that risks to the outlook are "tilted to the upside."
"Exports are already under considerable pressure, because of the twin disruptions in play in the Strait of Hormuz due to the Iranian shut-in of the strait and the U.S. naval blockade on Iran, and the Red Sea due to the Houthi embargo," BMI said.
Thousands of people have been killed in the Iran war, which began on February 28 when the U.S. and Israel launched military strikes on Iran.
Seven commodity ships sailed along the Strait of Hormuz on Thursday, just half the previous day's tally, data from ship-tracker Kpler showed. Prior to the Iran war, about one-fifth of global consumption moved through the waterway.
On Wednesday evening, Trump threatened "economic warfare and isolation on an unprecedented scale" against Tehran, warning of consequences for any country that provided "any type of lifeline to Iran".
