Crude oil costs climb as Strait of Hormuz closure fears persist
Oil prices maintained an upward trend on Friday as uncertainty grows regarding potential restrictions at the Strait of Hormuz. Brent crude futures saw a 1.2% increase to $83.48 per barrel, and US West Texas Intermediate (WTI) crude climbed 1.1% to reach $78.84 per barrel. Iran and Oman have jointly suggested a plan to block ships considered hostile from navigating the strait, with the proposal including significant financial penalties for any vessels that break these new regulations.
by shortkt.com✓