Oil records strongest monthly gains since March... Brent surges 24 percent

Arabic - Oil prices rose by more than 1 percent at settlement on Friday, posting their largest monthly gains since March, amid growing concerns over global crude oil flows.

Brent crude futures climbed $1.09, or 1.2 percent, to close at $90.12 per barrel, while U.S. West Texas Intermediate (WTI) crude futures rose $1.08, or 1.3 percent, to $84.67 per barrel. Brent recorded monthly gains of 24 percent in July, while WTI rose by 21 percent.

In a note, research firm Glbear & Associates said geopolitical risk premiums remain elevated near key chokepoints such as the Strait of Hormuz, adding that the decline in U.S. crude oil inventories to their lowest levels in several years also supports price movements.

Data from the U.S. Energy Information Administration (EIA) showed that commercial crude oil inventories in the United States fell last week to their lowest levels since 2018.

EIA data indicated that U.S. crude oil production dropped by about 2 percent in May compared with the previous month, after hitting a record high in April, while exports continued to set record levels for the second consecutive month.