Oil Gains on Strait Reopening Concerns
Oil prices rose today, Friday, amid fears that Iran, in cooperation with Oman, may decide to ban the passage of hostile ships through the Strait of Hormuz and impose hefty penalties on violators. This could increase tensions and threaten global oil supplies. Brent contracts increased by 1.2% to $83.48 per barrel, while West Texas Intermediate contracts rose by 1.1% to $78.84, after previously declining earlier this week due to prospects of reaching an agreement to resolve the regional conflict.
Size: 120%Text Size
Notice: This Is an AI-Generated Summary
Comments (0)