Hormuz Tensions Send Oil Prices Soaring Above $78

Oil prices surged for a second consecutive day on Friday as tensions in the Strait of Hormuz raised concerns about potential disruptions to global energy supplies.

The US West Texas Intermediate (WTI) crude price rose above $78 per barrel, while Brent crude surpassed $83 per barrel following reports that Iran had attacked what it described as 'hostile targets' in the waterway.

Military hostilities have heightened concerns about oil shipments through the strategic Strait of Hormuz, which carries around one-fifth of the world's oil exports.

The proposed Iran-Oman agreement governing navigation through the Strait of Hormuz has been sent to parliament for review and outlines stricter conditions than anticipated for commercial shipping.