Oil prices climbed to their highest level in a month Friday as renewed fighting between the United States and Iran pushed commercial shipping through the Strait of Hormuz to its lowest level in more than a month, according to The New York Times.
Brent crude, the international benchmark, rose about 4% to roughly $88 a barrel, its highest price since early June but still below its April peak, when prices surged above $120 a barrel.
West Texas Intermediate crude, the U.S. benchmark, also gained about 4%, trading near $82 a barrel.
The increase came as the conflict with Iran continued to disrupt energy shipments through the Strait of Hormuz, one of the world’s most important oil transit routes.
The New York Times reported that only eight ships crossed the strait on Thursday, citing data from maritime analytics firm Kpler. That marked the second full day of the reinstated U.S. naval blockade on Iran and represented the lowest level of shipping activity through the waterway in more than a month.
Shipping traffic had already slowed from 13 vessels the previous day, according to Kpler data cited by the Times. Most ships that crossed Wednesday and Thursday traveled through a Tehran-mandated corridor in Iranian waters.
The Strait of Hormuz is a critical passage for global energy supplies, and prolonged disruptions there could put additional pressure on crude prices and increase costs for consumers and businesses.
The U.S. carried out additional attacks against Iran on Friday as fighting continued for a seventh consecutive day, further escalating tensions in the region.
The New York Times reported that the U.S. blockade is expected to limit Iran’s ability to profit from its control over the strait. During an earlier blockade that lasted from April until mid-June, U.S. forces redirected or disabled more than 149 ships, cutting off billions of dollars in potential oil revenue for Tehran, according to the report.
U.S. Central Command said American forces had, as of Thursday, redirected three commercial vessels attempting to evade the blockade, disabled another vessel that failed to comply and boarded a tanker.
The military said the boarded vessel was the Cook Islands-flagged tanker Wen Yao.
Higher crude prices have already pushed fuel costs higher in the United States.
The average price of gasoline rose 4 cents Friday to $3.98 a gallon, while diesel increased 5 cents to $5.06 a gallon, according to AAA.
The latest market moves highlight the global importance of the Strait of Hormuz, where any sustained disruption could ripple through energy markets and increase costs worldwide.