Commodities
Oil Prices Surge Amid Strait of Hormuz Shipping Concerns
Oil prices closed more than $1 a barrel higher on Friday, ending July with their biggest monthly gains since March.
The price increase was driven by concerns over global crude flows after reports from Iran that some tankers were forced to turn back in the Strait of Hormuz.
Brent gained 24 percent and WTI rose 21 percent for July. Brent crude futures settled at $90.12 a barrel, and US West Texas Intermediate (WTI) crude finished at $84.67 a barrel.
The war in Iran has sharply curtailed traffic through the Strait of Hormuz, which carries about one-fifth of global crude oil and natural gas supplies.