Brent Crude Surges Past $83 Amid Geopolitical Tensions
Oil prices rose on Friday for the second consecutive session, with Brent crude surpassing $83 per barrel. The increase came amidst growing geopolitical concerns and tensions over the Strait of Hormuz, a vital global waterway through which approximately one-fifth of the world's oil and seaborne liquefied natural gas supplies pass.
The rise in oil prices follows sharp market fluctuations on Thursday, when Brent crude jumped by more than $3 per barrel after Iran began reviewing a draft bill that would impose a complete ban on US and Israeli ships passing through the Strait of Hormuz.
Brent crude futures rose 80 cents, or 0.97%, to $83.29 a barrel, while West Texas Intermediate (WTI) crude futures climbed 64 cents, or 0.83%, to $77.93 per barrel, according to Reuters.