Oil prices were up more than 1% on Friday after renewed fighting broke out between the U.S. and Iran, threatening a shaky ceasefire and dashing hopes for progress on reopening the Strait of Hormuz, a key oil and gas transit route.
Brent crude futures were up $1.41, or 1.41%, at $101.47 a barrel as of 0123 GMT. West Texas Intermediate (WTI) U.S. crude futures rose by $1.12, or 1.18%, to $95.93 a barrel. At the market open prices had risen by more than 3%.
