Oil prices today: Crude rises over 1% as Trump warns Iran, Hormuz concerns persist

AI Summary

Oil prices have increased by over 1% due to President Trump's remarks regarding Iran and concerns over the Strait of Hormuz. This rise in crude prices adds to market anxiety over potential supply disruptions amid ongoing geopolitical tensions.

Global oil prices surged as President Trump expressed impatience with Iran, fueling fears of Strait of Hormuz disruptions. Brent and WTI crude saw significant weekly gains amid uncertainty over the Iran conflict and supply concerns. Despite claims of increased vessel crossings, the Strait remains a critical choke point, with maritime incidents further heightening market anxieties about tight supply.