Crude oil price continued rising on Friday amid President Donald Trump's statement that he authorized the U.S. military to "shoot and kill" Iranian boats laying mines in the Strait of Hormuz.
Brent crude traded above $107 per barrel, increasing by 1.92 percent, while the US-traded WTI rose above $97.
In a social media post on Thursday, Trump also said that U.S. forces will intensify efforts to remove explosives from the key trade route.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.