Oil Jumps on Strait of Hormuz Tanker Attacks, Pressuring Airlines and Shippers

Crude oil rose sharply on Friday after tanker attacks in the Strait of Hormuz. West Texas Intermediate gained 2.18% to $104.20 a barrel, while Brent climbed 2.50% to $117.80, extending a run of monthly gains.

Higher fuel costs are a direct concern for airlines and delivery companies, where fuel is among the largest expenses. Air France said it would stay out of its entire affected market until December, an example of how regional tension is already disrupting carriers' schedules.

Energy producers have benefited from elevated prices and strong refining margins, but the broader market reaction on Friday was negative. Traders will watch shipping traffic through the strait and any response from major producers in the days ahead.