India, July 17 -- Oil prices traded higher on Friday and headed for a sharp weekly gain amid escalating Middle East tensions as both the U.S. and Iran intensified military confrontation over control of the Strait of Hormuz.
Brent crude futures were up 1.2 percent at $85.24 a barrel and headed for a weekly gain of more than 10 percent as shipping traffic slumped through the Strait of Hormuz. WTI crude futures surged 1.6 percent to $80.17.
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