Brent Crude Rises 4.6% to $88.10 as Iran-U.S. Fighting Threatens Strait of Hormuz Shipments

According to CNBC, Brent crude futures for September delivery rose 4.6% to $88.10 a barrel on Friday, while U.S. West Texas Intermediate futures for August delivery gained 4.5% to settle at $82.49. Both benchmarks were at their highest levels since mid-June, and for the week each was up about 16% as fighting between the United States and Iran intensified over the weekend and raised concerns about shipping through the Strait of Hormuz. U.S. Central Command said it carried out an eighth straight night of strikes against Iranian targets, while Kuwait said it launched defenses against another wave of Iranian projectiles overnight. The U.S. said it targeted Iranian forces that struck Jordan last week, and Iran's deputy foreign minister said Tehran had suspended its commitments under the memorandum of understanding signed last month with the U.S.