Oil and Gas Prices Surge: Impact of Iran Conflict on Global Crude Supplies
Oil Prices Surge Amid Rising Tensions
The price of oil continued to surge on Friday amid growing concerns that the Iran conflict will disrupt global crude supplies. West Texas Intermediate (WTI), the U.S. oil benchmark, rose 6.8% to $86.57 per barrel on Friday morning, according to data from Factset. Brent crude, the international benchmark, jumped 4.7% to $89.44. Both were trading near their highest levels since April 2024.
Tangible Disruption in Crude Supplies
Crude prices have surged this week as the Iran conflict halts shipments of oil and liquefied natural gas through the strategically vital Strait of Hormuz. About 20% of global oil shipments normally travel through this waterway, making the ramifications of the ongoing situation significant for global markets.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.