Hormuz Uncertainty Sends Oil Prices Higher Amid Global Tensions

Oil prices rose on Friday as fresh uncertainty over the reopening of the Strait of Hormuz raised concerns about whether a deal between Iran and Oman would restore normal shipping through the key energy route.

The price of Brent crude futures gained $0.80, or 0.97%, to $83.29 a barrel by 0303 GMT, while US West Texas Intermediate futures rose $0.64, or 0.83%, to $77.93.

Both benchmarks had climbed by more than $3 a barrel on Thursday after Iran considered new restrictions on vessels using the strait, reversing some of the sharp losses recorded earlier in the week.

The Strait of Hormuz is one of the world's most important energy chokepoints, with roughly one-fifth of global oil and liquefied natural gas supplies passing through it before the war began in late February.