Oil gains as Strait of Hormuz uncertainty keeps traders on edge
TOP STORY: Oil prices moved higher on Friday as uncertainty over plans to reopen the Strait of Hormuz continued to unsettle energy markets, with proposed restrictions on shipping through the strategic waterway raising doubts over how quickly normal crude flows can resume, according to a report by Reuters.
Oil prices rose on Friday amid uncertainty surrounding the reopening of the Strait of Hormuz, as proposed restrictions on shipping through the waterway raised doubts about the resumption of normal crude flows. Brent crude futures climbed 0.97% to $83.29 a barrel, while US West Texas Intermediate increased 0.83% to $77.93. The gains followed a sharp rally on Thursday, with both benchmarks settling more than $3 higher after Iran signaled that any reopening of the Strait could come with conditions affecting which vessels are permitted to transit.
The Strait of Hormuz is crucial to global energy markets, with around a fifth of the world's oil and liquefied natural gas supplies passing through it before the conflict began at the end of February.
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