Strait of Hormuz Uncertainty Sends Oil Prices Soaring
Oil prices surged on Friday as uncertainty over the Strait of Hormuz continued to dominate energy markets. The rise in oil prices was driven by concerns over shipping disruptions and potential restrictions on vessels passing through the waterway, which is a critical route for global energy shipments.
The Brent crude price rebounded significantly during Friday's session, climbing from around $79.08 a barrel to approximately $83.55, representing a rise of $4.47, or about 5.7%, from its morning level.
Meanwhile, US West Texas Intermediate (WTI) rose from around $74.69 to $78.18, gaining $3.49, or approximately 4.7%. Despite the sharp rebound, both major benchmarks remained lower for the week, reflecting continued uncertainty over the conflict and shipping disruptions.