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Oil rose on Friday as efforts to resolve the Iran conflict have hit an impasse, with Tehran still blocking the Strait of Hormuz and the US Navy blocking exports of Iranian crude, according to Reuters.
Brent crude futures for July rose $1.19, or 1.08 per cent, to $111.59 a barrel by 1:49 GMT (6:49am PKT), while West Texas Intermediate futures were up 39 cents, or 0.37pc, to $105.46.
Both benchmarks have posted gains across four straight months, with Brent’s June contract, which expired on Thursday, hitting $126.41 a barrel, the highest since March 2022.
