Oil Prices Rise Amid Renewed Tensions in the Straits of Hormuz

SadaNews Economy - Oil prices rose by about 1% on Friday, following renewed fighting between the United States and Iran, which threatened the fragile ceasefire and dissipated hopes of progress towards reopening the Straits of Hormuz, a major corridor for transporting oil and liquefied natural gas.

Brent crude futures rose by $1.69, or 1.69%, to $101.75 per barrel, while U.S. West Texas Intermediate crude climbed by 93 cents, or 0.98%, to $95.74 per barrel. Prices had surged by more than 3% at market opening, according to CNN.

This gain halted a three-day decline after reports this week indicated that the United States and Iran were close to reaching a peace agreement to end the fighting.