Brent crude oil climbed above $88 a barrel on Friday, extending its monthly advance to more than 20% amid renewed hostilities between the US and Iran and reports that some tankers were forced to turn around in the Strait of Hormuz.
According to Iran’s Fars news agency, the Revolutionary Guards stopped two tankers from passing through the waterway, while four others altered course.
Even so, Kpler ship-tracking data showed that two very large crude carriers loaded in the Gulf successfully exited the Strait on Friday.
The conflict has intensified this month as a temporary pause in fighting between Washington and Tehran collapsed, Yemen’s Houthis became more involved, and Saudi forces joined US operations against Iran-backed groups in Iraq.
Separately, declining US crude inventories and a Ukrainian strike on Russia’s Volgograd oil refinery added to concerns over global supply.