Commodities
US Sanctions Fuel Oil Price Surge Amid Strait of Hormuz Uncertainty
Oil prices continued their upward trend on Friday, poised for a second consecutive week of gains. The U.S. Treasury Secretary's comments fueled concerns about a potential disruption to global oil supplies.
According to Janiv Shah, vice president of oil markets analysis at Rystad Energy, the oil market is pricing in the failure of diplomacy due to the conflict not showing many signs of progressing diplomatically.
Brent crude futures were 18 cents higher at $93.96 per barrel, while U.S. West Texas Intermediate futures rose 11 cents to $86.94 per barrel, up over 5% for the week.