Middle East Tensions Send Oil Prices Soaring Above $90

Oil prices rose on Friday, with Brent crude climbing above $90 a barrel and US West Texas Intermediate rising 2.1% to $85.37 a barrel.

The gains were driven by concerns about supply risks from the Middle East, where tensions remain high following recent exchanges of strikes between the US and Iran.

Despite an increase in tanker traffic through the Strait of Hormuz, traders remained cautious due to the risk of further escalation in the region.

A sharp drop in US crude inventories also supported oil prices, with commercial stockpiles falling by 7.2 million barrels during the week ending July 24.