Oil Prices Climb
US West Texas Intermediate crude for May delivery increased by 1.55% to reach $99.41 per barrel at 0710GMT, while Brent crude for June delivery advanced by 1.45% to $97.33 per barrel.
The upward momentum in prices was driven by continued restrictions in the Strait of Hormuz despite the recently agreed truce earlier in the week. This situation reduced expectations for a quick rebound in oil transportation through one of the globe’s most critical energy transit routes.
US President Donald Trump stated on Thursday that Iran had not fully permitted oil shipments through the waterway and cautioned Tehran against imposing fees on passing tankers, adding further uncertainty about the stability of the two-week ceasefire arrangement.
Prior to the conflict, the Strait of Hormuz accounted for roughly 20% of worldwide oil supply, meaning any interruption in maritime traffic there remains a significant concern for energy markets. Additional pressure on supply worries came from assaults on Saudi Arabia’s energy facilities.
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