Oil Prices Soar as Tensions Between US and Iran Escalate
Oil prices surged more than 3% on Friday after US President Donald Trump's comments further dented hopes of a deal to end ship attacks and seizures around the Strait of Hormuz.
The Brent crude futures price climbed $3.24, or 3.06%, to $108.96 a barrel by 10:49 a.m. CDT (1549 GMT), while US West Texas Intermediate futures were up $4.13, or 4.08%, at $105.03.
Trump's comments came after Iran's foreign minister Abbas Araqchi said that his country has 'no trust' in the US and is only interested in negotiating with Washington if it is serious.
The Strait of Hormuz, which connects the Persian Gulf to the Gulf of Oman, remains a major concern for oil markets. While 30 vessels have crossed the strait between Wednesday evening and Thursday, this number is still far short of the 140 a day that was typical before the war.