(RTTNews) - Oil prices rallied on Friday as Hormuz concerns persisted and U.S. President Donald Trump claimed the United States will prevail in its war with Iran, "peacefully or otherwise".
Brent crude prices for July delivery jumped more than 3 percent to $109.19 a barrel as attacks on one ship and the seizure of another around the Strait of Hormuz stoked concerns about energy supplies.
WTI crude futures soared 3.5 percent to $104.70 and were on track for a weekly gain of nearly 9 percent.
Hormuz concerns persist despite Iran's Revolutionary Guards claiming around 30 vessels had crossed the strait since Wednesday evening.
After wrapping up his three-day visit to China, U.S. President Trump said he will not be much more patient with Tehran.
In a lengthy Truth Social post, Trump suggested he may resume the war against Iran after he returns from his trip to China.
Elsewhere, the Trump-Xi summit has so far produced warm words but yielded little progress on the war in Iran. Trump warned Iran to make a deal or face "annihilation".
In a Telegram post, Iran's Foreign Minister Abbas Araghchi has accused the United Arab Emirates of playing an active role in the U.S.-Israeli war against his country.
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