Oil Futures Fall 12% Amid Strait of Hormuz Uncertainty

AI Summary

Oil futures experienced significant declines, with West Texas Intermediate crude decreasing 12% to $83.85 per barrel, and Brent crude falling 9% on Friday. Despite Iran's assertion that the Strait of Hormuz is open for commercial shipping, confusion remains due to conflicting statements from Iranian officials and President Trump regarding transit conditions. Several oil tankers attempting to pass were forced to turn back, indicating the strait remains effectively closed for safe passage. The situation continues to impact global energy supply chains, particularly for refineries reliant on oil shipments from the region.