Oil Prices Soar on Tanker Attacks and Stalled Peace Talks with Iran

Crude oil futures surged on Friday due to tanker attacks and a lack of progress in peace talks between the US and Iran. Brent futures settled at $88.52 a barrel, up $1.45 or 1.67%, while US West Texas Intermediate crude futures finished at $82.40, up $1.15 or 1.42%. Andrew Lipow, president of Lipow Oil Associates, said 'We're getting a rally going into the weekend after new attacks on tankers and lack of progress on a cease-fire agreement.'

Andrew Lipow warned that if traffic in the Strait of Hormuz remains constrained, which handles 20% of global supply, a 'day of reckoning' may come. The US has stated it can maintain a naval blockade of Iran indefinitely and increase economic pressure.

Treasury Secretary Scott Bessent said on Newsmax's 'Rob Schmitt Tonight' program that the US will apply measures 'like have never been seen in the history of economic isolation of a country'. OPEC forecasts pointed to weaker demand growth, and US crude inventories posted their largest weekly increase in over 3.5 years.