Brent Crude Hits $83.57 as Strait of Hormuz Uncertainty Fuels Oil Price Rise

Oil prices rose on Friday due to uncertainty over shipping through the Strait of Hormuz in the Middle East, fueling supply concerns. The international benchmark Brent crude futures for October traded at $83.57 per barrel, up 5% from the previous close of $79.62.

US officials had suggested a deal to ease tensions with Iran could be reached, but the lack of concrete progress heightened investor concerns over potential renewed attacks. US President Donald Trump said negotiations with Iran are progressing well and a deal could come soon.

Trump also stated that the US controls the Strait through blockade measures but warned that Iran could still fire at ships transiting the waterway or lay naval mines that could strike tankers. This statement contributed to the rise in oil prices, which some analysts attribute to the ongoing uncertainty.