Oil prices rose on Friday as tensions spike again in the Middle East. The United States said it had destroyed an Iranian drone in the Strait of Hormuz, a major chokepoint for global crude flows. WTI Crude is $56.08; Brent is $62.94 this morning.
Brent crude gained as much as 1.3%, reversing some of the losses in the previous two sessions. Iran’s Revolutionary Guards said it captured a foreign vessel on July 14 alleged to be smuggling over 250,000 gals of fuel in the Persian Gulf, according to state-run Press TV news channel. WTI Crude is $57.01; Brent is $64.12 this morning.
Oil reversed part of its most significant loss in two weeks as the Trump administration revived threats of new China tariffs and signaled a possible easing of tensions with Iran. WTI Cude is $56.22; Brent is $65.08 this morning.
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