Oil prices set for sharp monthly rise on Hormuz strikes and US threat to hit Iran

“Oil prices set for sharp monthly rise on Hormuz strikes and US threat to hit Iran”

Oil prices jumped by more than 2 per cent on Friday, on pace for a fourth straight monthly gain, as a tanker was struck in the Strait of Hormuz and the US reiterated the possibility of renewing hostilities in Iran. Brent, the benchmark for two thirds of the world's crude, was up 2.37 per cent at $117.56 a barrel at 7.32pm UAE time. West Texas Intermediate, the gauge that tracks US crude, added 2.13 per cent to $104.17 a barrel. For the week, Brent is on track to increase by 0.64 per cent, while…