Oil Prices Rise as US and Iran Tensions Escalate
Brent crude futures rose to $109.07 a barrel on Friday as confrontational rhetoric from Washington and Tehran dampened expectations for a swift resolution to the blockade in the Strait of Hormuz. President Trump and Iranian officials signaled a lack of progress toward a diplomatic deal while global oil reserves continue to decline at a historic rate.
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Brent Crude Oil and West Texas Oil rose more than 3% on Friday as tensions between the United States and Iran escalated. Brent climbed $3.35 to $109.07; WTI gained $3.85 to $105.02. Over the week, Brent has climbed 7.72% and WTI 10.11% on uncertainty over diplomatic efforts to reopen the Strait of Hormuz.
