US Crude Rises 10 Dollars Amid Strait of Hormuz Closure
U.S. crude futures rose 10 dollars on Friday as the closure of the Strait of Hormuz restricted supply. Analysts warn prices could reach 150 dollars a barrel.
Crude oil futures in the United States climbed by more than $10 on Friday as the market grappled with supply constraints in the Middle East. The effective closure of the Strait of Hormuz, a consequence of the expanding conflict involving Israel and Iran, has forced buyers to scramble for available barrels. Brent Crude Oil futures rose $7.53, or 8.82%, to settle at $92.94 a barrel, while West Texas Intermediate (WTI) increased by $10.56, or 13.04%, to reach $91.56. This marks the second consecutive day that gains in U.S. crude have outpaced the Brent contract.
Giovanni Staunovo, an analyst with UBS, noted that refiners and trading houses are actively seeking alternative barrels, with the U.S. currently serving as the largest producer.
