Strait of Hormuz crude flows recover, Trump's Iran tariff push
Oil prices rose following reports of attacks on tankers in the Strait of Hormuz, heightening concerns over global energy supply chains. Industry leaders warn that ongoing regional conflicts in the Middle East and Black Sea are threatening critical energy transit routes.
Why it matters
Disruptions in major oil transit arteries like the Strait of Hormuz have immediate, global impacts on energy prices and economic stability.
Oil prices moved higher on Friday after Iran said it attacked two tankers transiting the Strait of Hormuz.
West Texas Intermediate futures rose about 1% to $84.41 per barrel. Brent crude futures, the international benchmark, also gained 1% to $89.90.
The Islamic Revolutionary Guard Corp said it hit the tankers as they tried to transit Hormuz under U.S. military escort, according to state run PressTV. Four other tankers turned back after the strikes, the state news outlet said.
U.S. and British maritime security organizations that monitor traffic in the Middle East have not confirmed the attacks.
Chevron CEO Mike Wirth told CNBC on Friday that the threat to oil supplies in the region has expanded beyond Hormuz. Global inventories, meanwhile, are falling, Wirth said.
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