Brent crude futures for October delivery rose $1.20, or 1.3%, to $92.82 per barrel, while October West Texas Intermediate (WTI) crude futures increased $1.13, or 1.3%, to $85.52 as concerns over Middle East supply disruptions pushed prices higher.
Oil prices moved higher for a fourth straight day on Wednesday as investors assessed conflicting statements from the United States and Iran over shipping conditions in the Strait of Hormuz.
The Trump administration is considering additional sanctions on Iran as the Strait of Hormuz blockade squeezes oil flows and keeps pressure on US gasoline prices. Joining Bloomberg This Weekend is Axios Business Reporter Nathan Bomey who says Washington could target companies or countries doing business with Iran, potentially putting China and its purchases of Iranian oil in the spotlight.
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 $0.89, or 1%, to $91.76 a barrel by 0641 GMT Tuesday, while U.S. West Texas Intermediate gained $1.05 to $85.55 as supply concerns increased.
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.
