Brent Crude Surges Above $106 as Hormuz Fears Rattle Oil Markets

Oil prices surged on Friday as concerns over the security of oil flows through the Strait of Hormuz pushed Brent crude above $106 per barrel.

Brent, which is used to price over three-quarters of the world's traded oil, has been rising since late June after Riyadh first announced its voluntary cuts.

The recent spike in prices comes after a period of relative calm, with Brent falling below $100 last week as US-Iran contacts and the partial restart of Saudi Arabia's East-West pipeline eased supply fears.

However, markets reassessed the durability of diplomacy and the security of Hormuz, leading to the latest price surge.