Disruptions to shipping in the Strait of Hormuz, which typically carries about 20% of the world’s oil and liquefied natural gas, have severely constrained energy supplies. As maritime transport remains restricted, major oil-consuming countries are steadily drawing down inventories, further tightening market supply. International crude oil prices rose on April 16.

West Texas Intermediate (WTI) crude for May delivery increased by US$3.40 (3.7%), reaching US$94.69 per barrel on the New York Mercantile Exchange. Brent crude for June delivery rose by US$4.46 (4.7%) to US$99.39 per barrel.