Commodities
Hormuz Tensions Drive Oil Prices Higher Amid Supply Fears
Oil prices surged for the second consecutive session on Friday as security concerns in the Strait of Hormuz heightened fears of disruptions to global energy supplies.
The latest tensions followed reports that Iran had attacked what it described as 'hostile targets' in the Strait, which carries around one-fifth of the world's oil shipments.
US West Texas Intermediate (WTI) crude traded above $78 per barrel, while Brent crude rose beyond $83 per barrel.
The Iran-Oman agreement governing navigation through the Strait has been proposed, but its terms have raised concerns over future oil exports from the Gulf.