Canberra: Oil prices advanced today as the widening conflict in the Middle East disrupts oil and gas flows, while supply remains constrained amid reduced output from production facilities. Brent crude climbed by USD 1.67, or 2.05 percent, to settle at USD 83.07 per barrel, while US West Texas Intermediate rose by USD 1.94, or 2.60 percent, to reach USD 76.60.

According to Oman News Agency, shipping traffic through the Strait of Hormuz-a vital conduit for nearly one-fifth of global energy consumption-has ground to an almost complete halt for the fifth consecutive day amid the Israeli and American war on Iran. This disruption has heightened concerns over global oil supply, contributing to the recent surge in oil prices. The Strait of Hormuz is a critical passageway for oil tankers, and its blockage exacerbates existing supply issues, leading to increased volatility in energy markets.