On Friday, oil prices rose sharply due to the ongoing conflict in Iran, which has resulted in the blockage of the Strait of Hormuz. Brent crude futures increased by $1.19, reaching $111.59 per barrel, while West Texas Intermediate futures gained 39 cents, climbing to $105.46. Both benchmarks have seen gains for four consecutive months, with Brent's June contract previously peaking at $126.41, the highest since March 2022. The rise in oil prices follows a significant escalation in tensions after the US and Israel attacked Iran in late February, leading to disruptions in shipments that account for roughly one-fifth of the global oil and liquefied natural gas supply. Although a ceasefire has been in place since April 8, Iranian officials have expressed skepticism about the prospects for a quick resolution to the conflict. Furthermore, threats from Iran's Revolutionary Guards against US positions have contributed to the volatility in oil prices.