Brent crude futures for August delivery rose slightly on Friday, settling at $72.25 a barrel.
The modest gain reflects a shift in market sentiment as traders digest fresh data showing a significant uptick in commercial shipping through the Strait of Hormuz.
The price movement comes as approximately 20 million barrels of crude oil passed through the strategic waterway in the last 24 hours.
The price movement comes as approximately 20 million barrels of crude oil passed through the strategic waterway in the last 24 hours.
This surge in volume marks a notable acceleration in commercial activity, suggesting that supply chains remain resilient despite ongoing security concerns in the region.
US Energy Secretary Chris Wright highlighted the increased flow, underscoring the continued importance of the Strait for global energy markets.
This development follows a session on Thursday where crude prices advanced as investors weighed the persistent security risks surrounding the waterway.