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Commodities

Iran Conflict Drives Oil Prices Higher Amid Strait of Hormuz Disruptions

Guavy AI Editorial Team
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Oil Natural Gas
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Oil prices rose more than 1% on Friday, ending July with their strongest month since March.

The Brent futures settled up $1.09, or 1.2%, at $90.12 a barrel, while US West Texas Intermediate (WTI) futures closed up $1.08, or 1.3%, at $84.67 a barrel.

The gains for July were substantial, with Brent rising 24% and WTI increasing 21%. The war in Iran has disrupted traffic through the Strait of Hormuz, a vital chokepoint that carries about a fifth of global crude oil and natural gas supplies.

Ole Hvalbye, market analyst at SEB Research, noted that 'the market has stopped trading the war and started trading the shipping data.'

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