Crude oil futures settled higher on Friday as geopolitical tensions surrounding Iran and disruptions in shipping through the Strait of Hormuz have raised concerns over global supply. According to a statement attributed to Iran's new Supreme Leader Mojtaba Khamenei, Iran will continue blocking the Strait of Hormuz, the world's busiest oil shipping channel. He said Iran would ‘avenge the blood’ of Iranians killed in the war with the US and Israel, which also warned neighbouring countries to stop hosting US bases.
Benchmark crude oil futures for April delivery rose $2.98 or 3.11% to settle at $98.71 a barrel on the New York Mercantile Exchange. Brent crude for May delivery added $2.68 or 2.67% to settle at $103.14 a barrel on London's Intercontinental Exchange.
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