Oil Prices Rise on Strait of Hormuz Uncertainty

Oil prices rose on Friday as uncertainty over the normalization of shipping through the Strait of Hormuz fueled supply concerns in the Middle East.

International benchmark Brent crude futures for October traded at $83.57 per barrel, up 5% from the previous close of $79.62.

US benchmark West Texas Intermediate (WTI) futures for September traded at $78.05 per barrel, up 0.07% from $77.99 in the previous session.

Despite comments from US officials suggesting a deal to ease tensions in the Middle East could be reached, the lack of concrete progress by the end of the week heightened investor concerns over potential renewed attacks.