Global oil prices remained stable on Sunday as international markets paused for the weekend, following a strong finish to last week’s trading session.
Both major crude benchmarks ended the week higher, with gains exceeding 1%, supported by ongoing concerns over global supply and falling US oil inventories.
Brent crude continued to trade near $89.50 per barrel, remaining close to recent highs as investors monitored developments affecting shipping routes through the Strait of Hormuz, one of the world’s most important oil transit corridors.
Meanwhile, West Texas Intermediate (WTI) crude was trading around $84.10 per barrel.
Market sentiment has been supported by fears that regional tensions could disrupt energy supplies moving through the Strait of Hormuz, a key route for global crude exports. Any interruption to shipping activity in the area could tighten supply and put additional upward pressure on prices.
Another factor supporting the market has been the recent decline in US crude inventories, which suggests demand remains relatively strong while available supplies are becoming tighter.
With stock exchanges closed for the weekend, trading activity remained limited on Sunday. Investors are now looking ahead to the reopening of global markets early Monday, when traders will assess fresh developments related to oil supply, geopolitical risks, and demand expectations.
The latest forward prices are:
- Brent Crude: $89.50 per barrel
- WTI Crude: $84.10 per barrel
Attention this week will remain focused on supply conditions in the Middle East, shipping activity through the Strait of Hormuz, US inventory data, and any signals from major oil-producing countries that could influence global energy markets.
