Brent Settles Above $100 for the First Time Since 2022 as Hormuz Diplomacy Fails
Brent crude closed at $103.14 per barrel on Friday, its highest settlement since 2022, after diplomatic efforts to secure a ceasefire or a framework for reopening the Strait of Hormuz failed to produce results. The IRGC reaffirmed its declaration that the strait was closed, and Brent surged to $114 after Trump’s 48-hour ultimatum expired without…