Oil marks best monthly rise since March
Oil prices rose by more than 1% at the close of Friday's session, recording their biggest monthly gains since March. This was driven by rising concerns over global crude flows due to reports that Iran has prevented some oil tankers from passing through the Strait of Hormuz. Brent crude futures increased to $90.12 per barrel, up by $1.09, while West Texas Intermediate (WTI) jumped to $84.67, up by $1.08. Brent registered a monthly gain of 24%, and WTI 21%. The conflict in the region has disrupted maritime traffic through the strait, with reports indicating the Iranian Revolutionary Guard has obstructed two tankers, even as two others departed the Gulf. Additionally, US oil inventories declined to their lowest level since 2018. On another note, the region experienced attacks on shipping vessels in Egypt and Ukraine, heightening tensions and impacting the global oil market.
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