watch now Crude oil prices rose sharply Friday as Iran escalated its attacks in the Strait of Hormuz this week and Ukraine vowed to keep striking Russian refineries. U.S. West Texas Intermediate futures rose 2.9% to $100.78 per barrel.
Brent crude, the international benchmark, was up 3.3% at $109.37. WTI has added more than 9% this week while Brent has advanced more than 4%. At least nine commercial ships have come under attack this week around Hormuz as Iran tries to choke off crude oil exports through the strait.
Iran sank the container ship GFS Pride on Wednesday, according to U.S. Central Command . The crew of the Singapore-registered ship was safely evacuated.
The " energy ceasefire " that President Donald Trump tried to declare between Ukraine and Russia has quickly unraveled. The Kremlin continued attacking Ukrainian infrastructure despite the supposed truce. President Volodymyr Zelenskyy said Kyiv would resume strikes on Russian refineries in retaliation.
In the U.S., meanwhile, commercial crude inventories fell by more than 8 million barrels for the week ended Oct. 9 due to production shut-ins on the Gulf Coast from Hurricane Isaias, according to the Energy Information Administration.
Source: CNBC
