Crude oil futures closed sharply higher on Friday, amid rising concerns over potential supply disruptions due to the ongoing closure of the Strait of Hormuz, after Iran adopted a rigid stance in peace talks with US. Further, Iran’s Islamic Revolutionary Guard Corps signaled a strict response to any movement through the waterway after turning away two Chinese ships and seeing a Thai-flagged cargo ship run aground.
Benchmark crude oil futures for May delivery declined by $5.16 or 5.46% to settle at $99.64 a barrel on the New York Mercantile Exchange. Brent crude for May delivery increased by $4.56 or 4.22% to settle at $112.57 a barrel on London's Intercontinental Exchange.
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