Oil Prices Surge as Tanker Traffic Shifts in Strait of Hormuz

Oil prices rose on Friday as traders assessed shipping flows through the Strait of Hormuz following reports that some tankers were forced to turn around in the key waterway.

Brent futures gained $1.14 or 1.3%, reaching $90.17 a barrel at 11:17 a.m. ET, while US West Texas Intermediate crude increased by $2.35, or 2.8%, to $85.94 a barrel.

The market is expected to finish July with a significant gain of 24% for both Brent and WTI.

Talks between Iran and Oman on managing the Strait of Hormuz continue, despite Iran rejecting Oman's proposal for joint management.