Crude Oil Prices Rise Due to Concerns Over Prolonged Disruption of Global Supplies
Crude oil and gasoline prices surged on Friday amid ongoing tensions between the US and Iran, which have kept the Strait of Hormuz closed. The conflict has tightened global supplies, with crude posting a 1.5-week high. The International Energy Agency reported declining inventories and expects undersupply to persist until October.
Topics: crude oil global supply disruption Strait of Hormuz US-Iran conflict