Brent crude neared $107 per barrel on Friday, marking a fifth consecutive session of gains. The price surge follows a diplomatic stalemate between the United States and Iran that has shuttered the Strait of Hormuz. This waterway typically facilitates approximately one-fifth of global oil flows.
Tehran maintains it will not negotiate or reopen the strait while the U.S. naval blockade of its ports continues. To stabilize the market, the U.S. Department of Energy announced a third release of 26 million barrels from the Strategic Petroleum Reserve. This supply will support domestic refiners, including ExxonMobil and Shell.