Brent Crude Surges Past $100 After US Strikes on Iran

Oil prices surged on Friday following US military strikes on Iranian military positions, a retaliatory move after Iran opened fire on American warships in the Strait of Hormuz. Brent crude, the global benchmark, climbed 2% to around $102 per barrel.

President Donald Trump insists a ceasefire remains in effect, but simultaneously issued a stark warning to Tehran. He urged the Iranian leadership to quickly accept a US peace agreement, hinting that a collapse of the truce would bring severe consequences.

The US benchmark, West Texas Intermediate crude, also rose 2%, reaching $96 per barrel. Investors and analysts are closely monitoring the ongoing disruption to shipping traffic through the strategic Strait of Hormuz.

According to the International Maritime Organization, approximately 1,500 vessels remain stranded in Gulf waters due to the protracted crisis in the strait since the outbreak of war in the Middle East. Futures for the S&P 500 index pointed to a slight uptick when US stock trading resumes on Friday.