Oil prices climbed more than 1%, snapping a three-day losing streak on Friday, after fresh clashes between the U.S. and Iran raised concerns over the stability of the fragile ceasefire and weakened hopes of progress toward reopening the Strait of Hormuz, a crucial route for global oil and gas shipments.
The latest rise followed Iran’s accusation that the U.S. breached the month-long ceasefire. Washington, meanwhile, said its actions were retaliatory after Iranian forces fired on U.S. naval vessels passing through the strait on Thursday.
