Oil prices climb due to uncertainty over Strait of Hormuz

Oil prices climbed sharply through Friday after starting the day under pressure, as traders continued to react to uncertainty surrounding the Strait of Hormuz and negotiations involving Iran and Oman, Reuters reports.

Brent crude was trading at about $79.08 a barrel early on Friday before settling at $83.55, a rise of $4.47, or about 5.7 percent, from its morning level.

US West Texas Intermediate (WTI) moved from about $74.69 to $78.18, gaining $3.49, or about 4.7 percent.

The rebound came as attention remained focused on whether an agreement could restore shipping through Hormuz, while Iran also considers legislation that could restrict US and Israeli vessels from using the strait.

Despite the late-week recovery, Brent finished the week down more than 8 percent, while WTI lost more than 7 percent, underscoring the volatility caused by shifting expectations over the US war of aggression against Iran and the future of shipping through the strait.

MNA