Oil prices closed more than $1 (R16) a barrel higher on Friday, ending July with their biggest monthly gains since March, as concerns over global crude flows mounted on Iranian reports that some tankers were forced to turn back in the Strait of Hormuz.
Brent futures settled up $1.09, or 1.2%, at $90.12 a barrel. For July, Brent gained 24%.
The war in Iran, which began on February 28, has curtailed traffic through the Strait of Hormuz, a vital chokepoint that carried about a fifth of global crude oil and natural gas supplies, disrupting millions of barrels a day of Middle East output.
Iran has largely blocked shipping through the strait since the conflict began, while its Houthi allies in Yemen this month threatened vessels transiting the Bab el-Mandeb strait at the southern end of the Red Sea, jeopardising an alternative export route used by Saudi Arabia and other regional producers.
Iran’s Revolutionary Guards stopped two tankers from transiting the Strait of Hormuz, while four others changed course, Fars News Agency reported. — Reuters
- Oil prices rose over $1 per barrel on Friday, marking the largest monthly gain since March.
- Brent crude settled at $90.12 per barrel, with a 24% increase for July.
- The Iran war, ongoing since February 28, has significantly reduced traffic through the strategic Strait of Hormuz.
- Iran has largely blocked shipping through the strait, and its Houthi allies threatened the Bab el-Mandeb strait route.
- Iran’s Revolutionary Guards stopped two tankers and forced four others to change course in the Strait of Hormuz.
Oil prices closed more than $1 (R16) a barrel higher on Friday, ending July with their biggest monthly gains since March, as concerns over global crude flows mounted on Iranian reports that some tankers were forced to turn back in the Strait of Hormuz.
Brent futures settled up $1.09, or 1.2%, at $90.12 a barrel. For July, Brent gained 24%.
Iran has largely blocked shipping through the strait since the conflict began, while its
Iran’s Revolutionary Guards stopped two tankers from transiting the Strait of Hormuz, while four others changed course, Fars News Agency reported. — Reuters
