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Hormuz Tensions Drive Oil Prices to New Heights

Guavy AI Editorial Team
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Oil
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Oil prices surged more than $1 on Friday and were poised for their largest monthly gain since March as tensions in the Middle East continue to simmer.

The Brent futures contract rose 1.01, or 1.1%, to $90.04 a barrel at 1:26 p.m. ET (1726 GMT), while US West Texas Intermediate crude climbed 1.28, or 1.5%, to $84.87 a barrel.

The price spike is largely attributed to the ongoing conflict in the Strait of Hormuz, which has sharply reduced traffic through the key waterway and disrupted Middle East oil output.

Ole Hvalbye, market analyst at SEB Research, noted that 'the market has stopped trading the war and started trading the shipping data.'

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