Crude oil futures ended higher on Friday amid concerns that an escalating Israel-Iran war may touch upon oil infrastructure. Additionally, Iran has threatened to close the Strait of Hormuz to traffic in retaliation for Western pressure and such a move could restrict trade and affect global oil prices. Meanwhile, the White House stated that a final decision on whether to support Israeli military action against Tehran could come within two weeks.
Benchmark crude oil futures for August surged $0.54 or about 0.40% at $74.04 a barrel on the New York Mercantile Exchange. Brent crude for August remained unchanged at $76.70 a barrel on London's Intercontinental Exchange.