Oil prices rise after Iran says it will close Strait of Hormuz

BAGHDAD, Iraq — Oil prices climbed on Friday after Iran's Joint Military Command said it had closed the Strait of Hormuz to oil tankers and commercial vessels, warning that ships attempting to transit would be fired upon. Brent crude rose 1.59% to $94.58 a barrel, while U.S. West Texas Intermediate gained 1.90% to $91.74. The U.S. military said commercial vessels continued to transit the strait in both directions and that no attacks had been reported on U.S. warships in the area. U.S. President Donald Trump said the United States had carried out additional airstrikes on Iranian targets and that the operations would continue until a peace agreement was reached. Separate data showed U.S. crude inventories fell by 7.2 million barrels in the week ending June 5 to 426.5 million barrels, exceeding analyst expectations of a 4 million-barrel draw. Total U.S. stocks, including strategic reserves, have declined by roughly 79 million barrels since late February. According to a Reuters survey, OPEC production in May hit its lowest level in 20 years as Iranian exports dropped and shipments from Gulf producers were disrupted.