Oil Prices Head for 20% Monthly Surge Despite Recent Pullback

Crude oil prices have been trending lower over the past couple of days, but the benchmarks are on course to book both a weekly and a monthly rise.

On a monthly basis, Brent crude and West Texas Intermediate have both gained close to 20%.

At the time of writing, Brent crude was trading at $87.67 per barrel, and WTI was changing hands for $82.07 per barrel, both down by 1% from Thursday on reports about more tankers crossing the Strait of Hormuz even as hostilities between Iran and the United States continue.

“There is this sense that there…