Brent Crude Prices Soar on Strait of Hormuz Uncertainty
Oil prices rose on Friday due to uncertainty over the normalization of shipping through the Strait of Hormuz, which fueled supply concerns in the Middle East.
The international benchmark Brent crude futures for October traded at $83.57 per barrel at 10:05 a.m. local time (07:05 GMT), up 5% from the previous close of $79.62.
US benchmark West Texas Intermediate (WTI) futures for September traded at $78.05 per barrel, up 0.07% from $77.99 in the previous session.
Despite comments from US officials suggesting a deal to ease tensions in the Middle East could be reached, the lack of concrete progress by the end of the week heightened investor concerns over potential renewed attacks.
US President Donald Trump said negotiations with Iran are progressing well and a deal could be reached soon. 'We've been bringing down prices, and as soon as this situation ends with Iran, oil is going to go down to the floor, gasoline is going to go down,' he said.