Crude Oil Prices Soar on Tanker Attacks and Iran Tensions
Crude oil prices surged over $1 per barrel on Friday as tanker attacks and stalled ceasefire talks between the US and Iran fueled market concerns.
The Brent futures settled at $88.52 a barrel, up $1.45 or 1.67%, while U.S. West Texas Intermediate crude futures finished at $82.40, up $1.15 or 1.42%.
Andrew Lipow, president of Lipow Oil Associates, said the rally was driven by new attacks on tankers and a lack of progress on a cease-fire agreement, warning that a 'day of reckoning' may come if traffic through the Strait of Hormuz remains constrained.
US Treasury Secretary Scott Bessent hinted at increased economic pressure on Iran, saying 'we are going to apply measures like have never been seen in the history of economic isolation of a country.'