WASHINGTON (dpa-AFX) - After fluctuating wildly earlier in the day, the price of crude oil has moved sharply higher over the course of the trading session on Friday.
Crude for September delivery was last seen trading at $78.10 a barrel, up $0.81 or 1.1 percent after slumping by a much as 1 percent in early trading.
With the increase on the day, the price of crude oil is extending the surge seen during Thursday's session, when prices shot up by nearly 3 percent.
The jump by the crude oil comes amid lingering uncertainty about the situation in the Middle East following attacks by the Iran-aligned Houthis on a military camp in Yemen and in Saudi Arabia, a major oil supplier.
Israel resumed attacks in southern Lebanon after announcing the deaths of two reserve soldiers and severe injuries to four others in an explosion the day before.
Iran reportedly struck 'hostile targets' in the Strait of Hormuz and said a deal with Oman to manage traffic through the waterway will not fully reopen the vital global trade route, raising fresh concerns over global oil supplies.
Iran said it would bar U.S., Israeli and other 'hostile' vessels from transiting the Strait of Hormuz.
It was said that the draft bill, which seeks to impose fines of up to 20 percent of a ship's cargo value for violations of the proposed restrictions, remains under expert review and is open to recommendations before any legislative action is taken.
Despite conflicting account of discussions, U.S. President Donald Trump said in the Oval Office that the war with Iran will end 'pretty soon.' Iran has accused Trump of 'theater diplomacy.'
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