Oil Prices Surge Amid Tanker Attacks and US-Iran Tensions

Oil prices surged on Friday as tanker attacks and stalled ceasefire talks between the US and Iran pushed crude futures up over $1 a barrel. Brent futures settled at $88.52 a barrel, up 1.67%, while US West Texas Intermediate (WTI) crude futures finished at $82.40, up 1.42%. The price jump comes as tensions between the two nations continue to escalate, with the US saying it could maintain a naval blockade of Iran indefinitely.

Andrew Lipow, president of Lipow Oil Associates, warned that if traffic in the Strait of Hormuz remains constrained, a 'day of reckoning' may come for global oil supplies. The strait is crucial for international trade, with 20% of global supply passing through it.

Phil Flynn, senior analyst for Price Futures Group, attributed the price increase to the tanker attacks, saying 'that's the headline that pushed up prices: Tankers attacked.'