Oil rises amid escalating geopolitical tensions and anticipation over the Strait of Hormuz

Oil prices continued their rise during Friday’s trading, as markets monitored geopolitical developments in the Middle East, particularly those concerning the Strait of Hormuz, through which about one-fifth of global oil and liquefied natural gas supplies pass.

Brent crude futures rose 99 cents, or 1.2 percent, to $83.48 per barrel.

West Texas Intermediate (WTI) crude futures also increased by 85 cents, or 1.1 percent, to $78.84 per barrel.

These gains followed Thursday’s trading session, in which oil futures closed with gains exceeding $3 per barrel.