Crude oil futures end sharply higher amid Strait of Hormuz route disruptions
The conflict between the U.S., Israel, and Iran has disrupted the important oil shipping route through the Strait of Hormuz
Crude oil futures ended sharply higher on Friday after Qatar warned that Gulf oil production could stop soon. The conflict between the U.S., Israel, and Iran has disrupted the important oil shipping route through the Strait of Hormuz. Around 20% of global oil and gas inventories pass through this seaway to the rest of the world. Donald Trump has ruled out any settlement with Iran unless it accepts unconditional surrender, while Iran’s Foreign Minister Abbas Araghchi said Tehran is not seeking negotiations with Washington.
Benchmark crude oil futures for April delivery rose $9.89 or 12.20% to settle at $90.90 a barrel on the New York Mercantile Exchange. Brent crude for May delivery added $7.28 or 8.52% to settle at $92.69 a barrel on London's Intercontinental Exchange.
