Hormuz Tensions Send Oil Prices Soaring

Global oil prices surged higher on Friday as renewed uncertainty surrounding the Strait of Hormuz sparked concerns over potential disruptions to one of the world's most critical energy shipping routes.

Brent crude futures rose by $0.80, or nearly 1%, to $83.29 per barrel, while US West Texas Intermediate (WTI) crude gained $0.64 to reach $77.93 per barrel.

The increase followed a sharp rally in the previous session when prices surged by more than $3 after reports that Iran was considering new restrictions on maritime traffic through the strategic waterway.

Much of the concern centers around Iranian officials' proposed measures, which could prohibit US and Israeli-linked vessels from transiting the Strait of Hormuz while imposing significant financial penalties on ships from countries deemed hostile.