Crude oil futures end sharply higher amid rising supply concerns
Iran’s Islamic Revolutionary Guard Corps signaled a strict response to any movement through the waterway
Crude oil futures closed sharply higher on Friday, amid rising concerns over potential supply disruptions due to the ongoing closure of the Strait of Hormuz, after Iran adopted a rigid stance in peace talks with US. Further, Iran’s Islamic Revolutionary Guard Corps signaled a strict response to any movement through the waterway after turning away two Chinese ships and seeing a Thai-flagged cargo ship run aground.
Benchmark crude oil futures for May delivery declined by $5.16 or 5.46% to settle at $99.64 a barrel on the New York Mercantile Exchange. Brent crude for May delivery increased by $4.56 or 4.22% to settle at $112.57 a barrel on London's Intercontinental Exchange.
