Hormuz Tensions Send Oil Prices Higher Amid Fading Reopening Hopes

Oil prices continued their upward trend on Friday, with Brent North Sea Crude rising by 1.2% to $83.46 per barrel and US West Texas Intermediate crude increasing by 0.9% to $77.97 a barrel.

The gains were attributed to fading optimism over the reopening of the Strait of Hormuz, as reports emerged that Iran was planning to block US and Israeli ships from the waterway in any deal with Oman.

This development dampened hopes for a full reopening of the strait, through which about one-fifth of global oil passes, and revived fears of a fresh spike in inflation.

Equity markets were mostly down on Friday, with key indices such as the Dow experiencing a pullback from recent record highs.