Oil Prices Soar as Tanker Attacks Escalate Tensions with Iran

Crude oil futures rose sharply on Friday, driven by concerns over tanker attacks and stalled ceasefire talks between the US and Iran.

The Brent futures settled at $88.52 a barrel, up $1.45, or 1.67%, while U.S. West Texas Intermediate crude futures finished at $82.40, up $1.15, or 1.42%.

Andrew Lipow, president of Lipow Oil Associates, attributed the rally to new attacks on tankers and a lack of progress on a cease-fire agreement.

Lipow warned that if traffic through the Strait of Hormuz remains constrained, it could lead to a 'day of reckoning' for oil prices, which might reach $80 a barrel or higher.