Commodities
Hormuz Tensions Send Oil Prices Soaring
Oil prices are on track for their second consecutive weekly gain, driven by ongoing tensions between Washington and Tehran over the Strait of Hormuz.
The international benchmark Brent crude is trading at $94.16 per barrel, a 6.4% increase from last Friday's close of $88.52, while US benchmark West Texas Intermediate (WTI) crude is up 5.7% to $87.08 per barrel.
The uncertainty over the Strait of Hormuz has kept a geopolitical risk premium in oil prices, as supply concerns intensified after Iran reiterated its stance that it would not reopen the strategic waterway until US commitments under a memorandum of understanding are met.