The oil price rally resumed its upward trajectory on Friday after the U.S. Central Command (CENTCOM) confirmed the sinking of the Singapore-flagged container ship following an Iranian Revolutionary Guard Corps (IRGC) projectile strike in the Strait of Hormuz. Brent crude for December delivery jumped 3. 33% to trade at $109. 50 per barrel at 2. 35 pm ET, while WTI crude for November delivery was up 3. 41% to change hands at $101. 30/bbl, marking the first time the American benchmark has traded above $100/bbl in a month.
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