Seoul: Oil extended gains on Friday amid further concerns around the opening of the Strait of Hormuz: Brent crude futures rose 80 cents, or 0.97 percent, to $83.29 a barrel by 0303 GMT. US West Texas Intermediate futures rose 64 cents, or 0.83 percent, to $77.93.

According to Emirates News Agency, the ongoing situation with the Strait of Hormuz has heightened market uncertainty, contributing to the upward momentum in oil prices. The strategic waterway is a vital passage for global oil shipments, and any disruptions can significantly impact supply and demand dynamics. The recent developments have prompted traders to adjust their positions, leading to the observed increase in oil prices.