US-Iran Tensions Send Oil Prices Soaring Amid Strait of Hormuz Disruptions

Oil prices climbed on Friday following renewed attacks on tankers and escalating tensions between the US and Iran over control of the Strait of Hormuz.

Brent futures rose 80 cents, or 0.92%, to $87.87 a barrel, while US West Texas Intermediate crude futures increased by 43 cents, or 0.53%, to $81.69 a barrel.

The uptick in prices comes as the US claims it can maintain a naval blockade of Iran indefinitely and increase economic pressure on Tehran in response to stalled ceasefire talks.

Bjarne Schieldrop, chief commodities analyst at SEB Research, said that higher oil prices are 'a natural result' of the latest US approach to Iran, implying little hope of a near-term resolution.