Oil prices inched higher on Friday after the U.S. and Iran stepped up attacks across the Gulf, with their broken truce limiting oil flows out of the Strait of Hormuz and with Tehran asking the Houthi movement to stand ready to shut the Red Sea export route.
Brent crude futures rose $1.05, or about 1.25%, to $85.28 a barrel by 0118 GMT, and U.S. West Texas Intermediate futures rose $1.03, or 1.3%, to $79.98 a barrel, erasing losses from the previous session.
