Brent Crude Jumps Above $83 as Strait of Hormuz Uncertainty Persists

Oil prices continued their upward trend on Friday, with Brent crude rising above $83 per barrel as concerns over the Strait of Hormuz resurfaced.

The uncertainty stems from reports that Iran is seeking tighter control over shipping through the strategic waterway, which carries around 20% of global crude oil and LNG supplies.

This has raised doubts about how quickly normal oil flows can resume despite ongoing diplomatic efforts involving Iran, Oman, and the United States.