Oil Prices Rise 1.5% After US-Iran Naval Conflict in Hormuz Strait

Oil prices increased on Friday as tensions rose between the US and Iran following an exchange of fire in the Strait of Hormuz. Brent crude traded up 1.5% at $101.60 per barrel. US-traded oil was also higher, increasing by 1.1% to $95.87. The geopolitical instability has stoked concerns over energy shipments through this vital trade route, which typically handles over 20% of the world's oil and gas deliveries. Such fluctuations in oil prices could impact broader market sentiment and energy stocks.