Iran's Islamic Revolutionary Guard Corps stated that it attacked the tankers as they attempted to transit the Strait of Hormuz under U.S. military escort.
Oil prices increased on Friday after Iran announced it had attacked two tankers transiting the Strait of Hormuz. West Texas Intermediate (WTI) futures rose over 1% to close at $84.67 per barrel, while Brent crude, the international benchmark, also gained more than 1% to settle at $90.12.
Prices fell more than 5% for the week after a sell-off on Monday amid hopes that the conflict in the Middle East would de-escalate.
The Islamic Revolutionary Guard Corps reported that it struck the tankers as they were trying to pass through Hormuz under U.S. military escort.
Chevron CEO Mike Wirth told CNBC on Friday that the threat to oil supplies in the region has expanded, while global inventories are falling.
Iran's Houthi allies in Yemen declared a maritime embargo against Saudi Arabia last week.
Exxon CEO Darren Woods stated that Hormuz must reopen because the world needs Middle East oil that has been shut in due to the war.
“It is the main artery of supply for the world that powers economic growth everywhere, and eventually those barrels are going to have to flow,” Woods said.
