Global tensions push oil prices higher amid supply fears

Crude oil traded at $66.31 per barrel on Friday, slipping slightly but staying near a six-month high. Prices gained over 9% in a month due to rising geopolitical tensions, falling US inventories, and supply concerns. US-Iran tensions, risks around the Strait of Hormuz, and stalled Russia-Ukraine talks are supporting prices, despite planned output increases by OPEC+ and global market uncertainty.