Oil rises as Iran war worries keep markets on edge as Strait of Hormuz stays shut

oil prices climbed friday as the middle east conflict keeps energy markets on edge. brent crude rose over 1.25% to $105.38 a barrel, while u.s. west texas intermediate gained 1.14% to $96.96. the strait of hormuz remains shut, with both the u.s. and iran seizing ships. the israel-lebanon truce was extended after a white house meeting thursday, with president trump announcing the deal on truth social. washington also pledged support to bolster lebanon's defenses against hezbollah. but the broader conflict has shifted to naval blockades, keeping the vital strait closed as both sides seek economic leverage. commonwealth bank of australia analysts wrote that the longer the strait stays shut, the greater the economic costs, and they judge the u.s. will be the first to back down. about 20 million barrels of oil and petroleum products moved through the strait daily before the war. fatih birol, head of the international energy agency, called it "the biggest energy security threat in history," noting 13 million barrels per day of oil have been lost.