Oil prices moved higher on Friday as tensions between the United States and Iran showed no sign of easing.
Talks to resolve the situation have stalled, and Iran is still blocking the Strait of Hormuz after the US Navy stepped in to disrupt its oil exports.
Because of this, markets are getting nervous about supply.
Brent crude for July delivery rose by $1.19, reaching $111.59 a barrel. At the same time, US West Texas Intermediate (WTI) crude went up by 39 cents to $105.46.
In short, rising tensions are pushing oil prices up as traders worry about what could happen next.
