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Brent Crude Rises on Uncertainty Over Strait of Hormuz Negotiations

Guavy AI Editorial Team
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Oil
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Brent crude oil prices rose over $1 per barrel on Friday due to ongoing uncertainty about negotiations regarding the Strait of Hormuz, a key shipping artery.

The price settled at $83.55 a barrel, gaining $1.06 or 1.3 percent.

This comes after oil futures increased by more than $3 per barrel on Thursday as Iran reviewed a bill to ban US and Israeli vessels from the strait.

Vandana Hari, founder of Vanda Insights, said 'the market is trying to assess if an Iran-Oman agreement would allow a US-flagged vessel to transit the Strait of Hormuz.'

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