Oil Prices Rise as Middle East Conflict Continues, Strait of Hormuz Remains Shut
Brent crude tops $105 as U.S. and Iran naval blockades intensify; IEA warns of biggest energy security threat in history
Quick Look
- Oil prices rose Friday as the Middle East conflict continues to stoke energy worries, with both the U.S. and Iran seizing ships and the Strait of Hormuz remaining shut.
- International benchmark Brent crude rose 1.25% to $105.38 per barrel, while WTI futures advanced 1.14% to $96.96 per barrel.
- The Israel-Lebanon truce was extended following a meeting at the White House, but naval blockades keep the vital strait closed, with about 20 million barrels of oil shipped daily before the war.
AI-generated summary
Oil prices rose Friday as the Middle East conflict continues to stoke energy worries, with both the U.S. and Iran seizing ships and the Strait of Hormuz remaining shut. International benchmark Brent crude rose 1.25% to $105.38 per barrel, while WTI futures advanced 1.14% to $96.96 per barrel. The Israel-Lebanon truce was extended following a meeting at the White House, but naval blockades keep the vital strait closed, with about 20 million barrels of oil shipped daily before the war. IEA head Fatih Birol warned the situation represents the biggest energy security threat in history, with 13 million barrels per day of oil lost.
