WTI Crude Oil Prices Rise as Tensions with Iran Escalate

Texas oil prices rose by 1.4% on Friday to $82.40 per barrel, driven by ongoing tensions between the US and Iran.

The West Texas Intermediate (WTI) crude oil futures contracts for September closed at $82.40, up 1.15 dollars from the previous close.

Oil prices have been volatile this week due to the lack of normalization in the Strait of Hormuz, where tanker traffic remains below normal levels.

Treasury Secretary Scott Bessent stated that the US intends to impose 'economic isolation and the continued blockade of the Strait of Hormuz' on Iran.