US-Iran Tensions Send Oil Prices Soaring

Crude oil prices rose on Friday as tensions between the US and Iran continued to escalate. Brent futures settled at $88.52 a barrel, up $1.45 or 1.67%, while US West Texas Intermediate crude futures finished at $82.40, up $1.15 or 1.42%. The gains were driven by concerns over tanker attacks and the lack of progress in ceasefire talks between the Trump administration and Iran's leadership.

Andrew Lipow, president of Lipow Oil Associates, said that a 'day of reckoning' may come if traffic through the Strait of Hormuz remains constrained. The strait handles about 20% of global supply and is currently experiencing reduced shipping traffic due to US-Iran tensions.

Treasury Secretary Scott Bessent warned that the US will apply measures 'like have never been seen in the history of economic isolation of a country' against Iran.