London, July 18 -- Brent crude, the international benchmark for oil prices, climbed above $88 a barrel on Friday afternoon, around $4 higher than Thursday's closing price and its highest level in a month.
Oil prices had fallen sharply after Iran and the US signed a memorandum of understanding in mid-June, with Brent dropping to $71 a barrel on July 1. However, prices have steadily risen again following the collapse of the agreement and the resumption of US strikes on Iran.
"As you know, the price of oil right now is approximately $80 a barrel, maybe a little less. Before I came out here, that's what it was at," White House Press Secretary Karoline Leavitt said on Thursday.
"Gas prices are down approximately 60 cents a gallon off the peak...