Oil rises 2% as Iran blockade fears grow
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Brent crude futures rose 1.64% to $88.50 a barrel on Friday, while West Texas Intermediate crude climbed 1.92% to $82.81 as renewed U.S.-Iran tensions raised supply concerns.
Brent crude futures rose 1.64% to $88.50 a barrel on Friday, while West Texas Intermediate crude climbed 1.92% to $82.81 as renewed U.S.-Iran tensions raised supply concerns.
Global oil demand is projected to decline by 1.6 million barrels per day in 2026 due to ongoing disruptions in the Strait of Hormuz.
Comprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with David Gura, Isabelle Lee, Norah Mulinda and Tim Stenovec.
Oil prices were largely unchanged Monday as traders assessed possible progress toward reopening the Strait of Hormuz while monitoring continued Middle East tensions.
Brent crude fell 3.9% to $80.47 a barrel, while West Texas Intermediate crude dropped 4.6% to $76.67 by 11:19 a.m. ET.
Iran said an agreement with Oman on proposed shipping lanes that partially reopens the Strait of Hormuz is in the final stages. In recent days, the US and the Islamic Republic have indicated a resolution is close. Kailey Leinz has the latest on Bloomberg Television.
