Oil closes the week near 95 USD per barrel - Realizes the biggest weekly losses since 2022
Oil ended the week near $95 a barrel, as a ceasefire between the United States and Iran was reached. However, tensions remain over the Strait of Hormuz, as the vital shipping corridor remains closed. London's Brent crude fell about 1.3% on Friday to end the week at $94.7 a barrel. U.S. crude fell 1.5% to around $96 a barrel. Both contracts posted their biggest weekly losses since 2022.
US President Donald Trump has warned Iran to back off if it is imposing tariffs on ships passing through the strait, a move that risks undermining a two-week ceasefire agreement. “The Iranians are not realizing that they have no hidden agenda except short-term extortion of the world using the International Waterways,” Trump said in a post on Truth Social.
The flow of shipping through Hormuz, which handled about 20% of global oil supplies before the war, remains severely restricted, keeping markets on edge. Reports on Friday showed that most of the ships passing through the strait were bound for Iran.
Trump’s top economic adviser, Kevin Hassett, said that allowing just one oil tanker to pass through the strait would provide “a large part of what’s missing.” Adrian Beciri, CEO of DUCAT Maritime, a Cyprus-based logistics firm specializing in bulk cargo shipping, said the Strait of Hormuz remains virtually closed and the attitudes of shipowners and operators are “exactly the same today” as they were at the height of the conflict.
"Frankly, the situation is extremely chaotic. There is no known or defined way to transit through the Strait of Hormuz. There is even no clear way to contact the Iranians on how to do this, which seems to be the only way at the moment," Beciri told CNBC.
Kosovo approves loan agreement for economic development - Financing for the financial sector, energy and regional trade
The Kosovo Assembly has today approved all international agreements on the agenda, giving the green light to several important financial draft laws. With 81......
''13th salary, common practice in EU countries'' - Minister Murati: Supplement, 200 million euros
The Minister of Finance, Hekuran Murati, has stated that the practice of the 13th salary exists in European Union countries and is not a new idea, responding......
New mechanism for financing public projects - Government approves new scheme for financing from gambling funds
The Minister of Tourism, Culture and Sports, Blendi Gonxhja, through a post on social networks, said that another concrete step has been taken to strengthen......
The war in Iran "crushes" the American consumer - Confidence falls to a historic low in April, inflation rises
Consumer confidence in the United States fell to a record low in April, as fears about rising energy prices and the impact of war in Iran increased,......
Artemis II successfully returns to Earth - The ultimate goal, long-term presence on the Moon to explore Mars
The Artemis II capsule and its four-member crew safely landed in the Pacific Ocean after nearly 10 days in space, concluding the first human trip to the moon......
Energy Community Implementation Report (EnCS) for 2025 presented - Lorkowski: Progress in market liberalization, 50% of objectives achieved
The Energy Community Implementation Strategy (EnCS) for 2025 was presented, with the theme "Albania's path towards European energy integration". The......
''Promotion point and laboratory of excellence for olive oil'' - Prime Minister Rama: Promotion of this product in Berat
In the city known as the “city of one over another windows”, a special space is expected to be created for the promotion of local olive oil, turning it into......
Plastic pollution in Vjosa and Ishëm - Mazreku: Concrete measures, law enforcement problem. Gangloff: Integrated approach needed
Plastic pollution in the Vjosa and Ishëm rivers remains one of the main environmental challenges in the country, so it is necessary to move from data......
