Brent rises for second straight day on Iran tensions

Brent futures reversed higher in American trade on Friday after earlier losses in Europe, amid mounting geopolitical tensions in the strait of Hormuz. 

Brent rose to $73.50 a barrel as of 12:55 GMT, with a session-high at $73.72, and a low at $73.07. 

Brent October futures closed up 1.1% yesterday, the first profit in three days, after marking two-week lows earlier in the session at $71.82. 

Fox News reported on Thursday that Iran has started large-scale naval exercises in the strait of Hormuz, a crucial waterway through which 30% of global oil supplies flow through.    

Iran has recently threatened to outright close the strait in response to US sanctions on Iranian exports, with oil exports in particular expected to take a major hit as sanctions go into effect next November.