New York, July 17 (SANA) Oil prices rose on Friday as the escalating conflict between the United States and Iran continued to disrupt crude shipments through the Strait of Hormuz, amid reports that Tehran had urged Yemen’s Houthi militia to prepare to block a key shipping route in the Red Sea.
Brent crude futures rose $1.05, or 1.25%, to $85.28 a barrel, while U.S. West Texas Intermediate (WTI) crude gained $1.03, or 1.3%, to $79.98 a barrel, recovering losses from the previous session, Reuters reported.
Both benchmark contracts were up about 12% for the week. Brent was on track for a third consecutive weekly gain, while WTI was headed for its second straight week of advances.
The gains came as investors assessed the risk of further supply disruptions from the Middle East, where heightened tensions have raised concerns over the security of one of the world’s busiest oil transit routes.
On Thursday, International Energy Agency (IEA) Executive Director Fatih Birol warned that a prolonged closure of the Strait of Hormuz could pose a serious threat to global energy security.
F.J./ABD
Tags:
Oil Prices, United States, Iran, Strait of Hormuz, Houthi Militia, Yemen, Red Sea,
