Oil Prices Rise Amid Ongoing Tensions in Strait of Hormuz

Oil prices rose on Friday and remain on track to post strong monthly gains as investors continue to monitor developments in the Strait of Hormuz, a crucial energy trade route.

Brent crude futures gained $1.01 or 1.13% to reach $90.04 a barrel by 11:18 GMT, while US West Texas Intermediate (WTI) crude climbed $1.18 or 1.41% to $84.77 a barrel.

The price increases follow reports that the Islamic Revolutionary Guard Corps prevented two oil tankers from transiting the Strait of Hormuz and that four other tankers altered their routes, although two very large crude carriers loaded with Gulf crude successfully passed through on Friday.