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.
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- 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.
