Oil Prices Surge as Strait of Hormuz Disruptions Continue

Oil prices settled more than $1 per barrel higher on Friday, marking their biggest monthly gains since March. The Brent futures price rose by 1.2% to $90.12 a barrel, while WTI futures increased by 1.3% to $84.67 a barrel.

The gains were driven by concerns over global crude flows, particularly through the Strait of Hormuz, a vital chokepoint that has been disrupted since the war in Iran began on February 28.

According to Fars News Agency, two tankers were stopped from transiting the strait, while four others changed course. Ole Hvalbye, market analyst at SEB Research, noted that 'the market has stopped trading the war and started trading the shipping data.'