Oil prices set for sharp monthly rise on Hormuz strikes and US threat to hit Iran
According to The National, oil prices jumped by more than 2 per cent on Friday, on pace for a fourth straight monthly gain, following a tanker strike in the Strait of Hormuz and reports of explosives hitting another vessel. Meanwhile, US President Donald Trump stated he believes the war with Iran, now in its ninth month, will end soon, though he provided no details. Ryan McDaniel, president of Duncan Oil Company, noted that fears of US strikes on Iran have kept supply risk premiums elevated despite diplomatic efforts. Simultaneously, Qatari mediators have returned to Tehran to continue talks between Washington and Tehran.