Oil prices rise, boosts weekly gains to over 6%
Oil prices reversed course to settle higher on Friday, with crude posting a second consecutive weekly gain amid uncertainty over the reopening of the Strait of Hormuz after US President Donald Trump threatened economic sanctions against Iran and its trading partners.
Iran, meanwhile, warned on Friday that its response to any new US threats would be “devastating,” according to Reuters, while Foreign Minister Abbas Araghchi described the potential sanctions as “doomed to fail.”
The exchange of threats came as no oil tankers passed through the Strait of Hormuz on Thursday, according to Kpler data, with only seven commercial vessels transiting the waterway.
Separately, Ukrainian forces struck a Russian oil refinery in the city of Perm overnight, Ukrainian President Volodymyr Zelenskiy said.
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Global Crude Futures |
||||
|
Crude |
Price ($/barrel) |
Change ($) |
Change |
Weekly Performance |
|
Brent (October) |
94.39 |
0.61 |
+0.65% |
+6.63% |
|
WTI (October) |
87.06 |
0.23 |
+0.26% |
+5.65% |
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