Hormuz Crisis Drives Oil Prices to 24% Monthly Gain

Oil prices surged on Friday as concerns over global crude flows intensified due to the ongoing crisis in the Strait of Hormuz. The Iran war, which started on February 28, has significantly reduced traffic through the strategic waterway.

Iran's Revolutionary Guards have been stopping tankers and forcing others to change course in the strait. This has led to a major disruption in global oil supplies, causing prices to rise.

The price of Brent crude settled at $90.12 per barrel on Friday, marking a 24% increase for July. This is the largest monthly gain since March. The Strait of Hormuz is a critical route for international oil trade, and any disruptions can have far-reaching consequences.