Oil Prices Surge on Tanker Attacks and Stalled Peace Talks

Oil prices surged over $1 per barrel on Friday due to tanker attacks and stalled peace talks between the US and Iran. The Brent crude futures settled at $88.52 a barrel, while the US West Texas Intermediate (WTI) crude finished at $82.40 a barrel.

The attack on two vessels from the state-owned Abu Dhabi National Oil Company in the Strait of Hormuz has led to a significant increase in oil prices. The UAE government condemned the incident as an Iranian attack.

Meanwhile, the US administration said it could maintain a naval blockade of Iran indefinitely and increase economic pressure on Tehran in response to stalled ceasefire talks.