Oil climbs over USD1
HOUSTON: Crude oil futures climbed over USD 1 a barrel on Friday on tanker attacks and a lack of progress on a peace agreement between the Trump administration and Iran’s leadership. Brent futures settled at USD 88.52 a barrel, up USD 1.45, or 1.67 percent. US West Texas Intermediate crude futures finished at USD 82.40, up USD 1.15, or 1.42 percent. Brent and WTI were on track for weekly gains of…
Oil prices surged past USD 1 per barrel on Friday due to tanker attacks and the lack of progress in a peace agreement between the United States and Iran. Brent futures closed at USD 88.52 a barrel, up 1.45 percent, while US West Texas Intermediate crude futures ended at USD 82.40, up 1.15 percent. Both were on track for 6.0 percent and 5.4 percent weekly gains, respectively.
Andrew Lipow, president of Lipow Oil Associates, attributed the rally to "new attacks on tankers and lack of progress on a cease-fire agreement." A "day of reckoning" may arrive if traffic in the Strait of Hormuz remains constrained, as it carries 20 percent of global supply. US Treasury Secretary Scott Bessent announced plans to apply unprecedented economic isolation measures against Iran.
Crude oil exports from Russia’s Sheshkaris terminal were suspended following a drone attack, adding to global supply disruptions. OPEC forecasts suggested weaker demand growth, and US crude inventories saw their largest weekly increase in over three and a half years, potentially pulling prices lower.
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