Strait of Hormuz tensions continue to push oil prices higher

Global oil prices closed higher on Friday, with the ongoing standoff at the Strait of Hormuz and persistent diplomatic tensions between Washington and Tehran fueling the upward trend. Brent crude futures for October delivery saw a 0.65% increase, settling at $94.39 per barrel. This rise contributed to a significant 6.63% gain for Brent over the entire week.

West Texas Intermediate (WTI) crude for the same month also experienced a rise, adding 0.26% to close at $87.06 per barrel. Analysts highlighted the critical importance of the Strait of Hormuz, a vital waterway for global hydrocarbon trade, which Iran effectively controls. The situation remains at a stalemate, with the U.S. maintaining its naval blockade of Iranian ports, imposed in April.

Adding to market concerns, U.S. President Donald Trump announced a new economic blockade operation against Tehran, warning of severe consequences for any nation providing support to Iran. The U.S. is expected to detail these measures soon. Analysts fear that new sanctions targeting Iranian oil purchases could further tighten global crude supplies and drive prices higher. Iran has denounced these actions as "economic terrorism" and "crimes against humanity."

Meanwhile, traders are closely monitoring global crude and refined product inventories. In the United States, gasoline stocks are reportedly 5% below the normal levels for this time of year, according to Commerzbank analyst Barbara Lambrecht, adding another layer of pressure to the market.

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The events surrounding the Strait of Hormuz continue to be the focus of energy market attention, as the situation is at a standstill.