Oil rises as traders assess shipping flows; monthly gains in sight

Oil prices rose on Friday and remained on track for a monthly increase as reports that some tankers were forced to turn around in the Strait of Hormuz prompted traders to reassess shipping flows through the key waterway.

Brent futures were up $1.31, or 1.47%, at $90.34 a barrel by 1329 GMT, while U.S. West Texas Intermediate (WTI) crude was up $1.95, or 2.33%, to $85.54 a barrel.

For July as a whole, Brent was on track to rise nearly 24% and WTI about 23%.

"Iranian media outlets claim that some tankers were forced to turn around, so ... (there are) still low flows of vessels crossing the Strait has supported prices," said Giovanni Staunovo, a UBS analyst.

Iran's Revolutionary Guards stopped two tankers from transiting the Strait, while four others changed course, Fars news agency reported.