Oil climbs over $1 on tanker attacks, no progrees on peace

Crude oil prices surged past $1 per barrel on Friday due to tanker attacks and a lack of progress in a peace agreement between the Trump administration and Iran. Brent futures closed at $88.52 a barrel, while U.S. West Texas Intermediate crude futures closed at $82.40, both showing gains of 1.67% and 1.42% respectively. Analysts anticipate a rally into the weekend following the recent attacks and the absence of a ceasefire agreement.

Andrew Lipow, president of Lipow Oil Associates, stated that the situation may lead to a "day of reckoning" if traffic in the Hormuz Strait remains restricted, as it accounts for 20% of global oil supply. However, the rising consumer costs of diesel and gasoline are of more immediate concern, with prices reaching $180 and $130 per barrel, respectively.

The U.S. has declared its willingness to maintain a naval blockade of Iran and increase economic pressure on Tehran in response to the stalled ceasefire talks.