Oil prices rose early Friday morning, following attacks on Saudi energy infrastructure and amid market concern about the possibility of a closure of the Strait of Hormuz.
Brent crude futures rose 83 cents, or 0.87%, to $96.75 a barrel by 01:00 GMT. West Texas Intermediate (WTI) crude futures rose $1.04, or 1.06%, to $98.91 a barrel.
Tony Sycamore, a market analyst at IG, said:
“The initial wave of relief that followAnd President Donald Trump’s two-week ceasefire quickly gave way to fundamental doubts.”
Sycamore said, “All eyes remain on the movement of oil tankers through the Strait of Hormuz for signs of potential increased activity ahead of peace talks in Pakistan on Friday.”
Analysts say Pakistan will try to push for a more permanent peace deal during the talks, but may not have enough leverage to force the reopening of the Strait of Hormuz.
Iran wants to impose fees on ships transiting the strait as part of a peace deal, a Tehran official told Reuters on April 7. But Western leaders and the UN’s maritime transport agency have opposed the idea.
