Crude oil prices ended higher on Friday as escalating tensions between the U.S. and Iran heightened concerns over potential supply disruptions. Additionally, the continued closure of the Strait of Hormuz disrupted vessel movements, raising fears of supply constraints across the Arabian Gulf. However, expectations for a resolution through peace talks after both nations expressed readiness for negotiations capped the gains.
Benchmark crude oil futures for August delivery increased by $3.54 or 4.48% to settle at $82.49 a barrel on the New York Mercantile Exchange. Brent crude for September delivery up by $3.87 or 4.59% to settle at $88.10 a barrel on the New York Mercantile Exchange.
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