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Commodities

Oil Prices Rise Amid Ongoing Middle East Tensions

Guavy AI Editorial Team
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Oil
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Crude oil futures closed higher on Friday and wrapped up a strong weekly gain despite no progress toward resolving the dispute over control of the Strait of Hormuz.

The lack of movement in negotiations between the US and Iran has dashed hopes for a quick resolution to the conflict, which has been a major driver of oil prices.

Oil prices have risen as tensions between the two nations have escalated, with the US imposing sanctions on Iran and Iran threatening to block the Strait of Hormuz, a vital shipping lane in the Middle East.

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