Oil prices rose on Friday, fueled by renewed concerns about supplies from Saudi Arabia and an almost complete halt to tanker traffic through the critical Strait of Hormuz, UNN reports, citing Reuters.
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Brent crude futures rose 58 cents, or 0.60%, to $96.50 a barrel at 03:38 GMT (06:38 Kyiv time). West Texas Intermediate crude futures rose 49 cents, or 0.50%, to $98.36 a barrel.
Prices are still heading for losses, as tensions ease around the fragile two-week truce between the US and Iran, and Israel signals a potential opening of diplomatic talks, stating its readiness to begin direct negotiations with Lebanon as soon as possible.
This week, both contracts lost 11% of their value, the largest weekly drop since June 2025.
Attacks on Saudi energy facilities reduced the kingdom's oil production by approximately 600,000 barrels per day and the East-West pipeline's capacity by approximately 700,000 barrels per day, the Saudi state news agency SPA reported on Thursday, citing an official source.
Following this report, fears of further disruptions to oil supplies intensified, ANZ analysts noted in a Friday review.
"The initial wave of relief after President Trump's announcement of a two-week ceasefire quickly turned into doubt," IG market analyst Tony Sycamore noted in his review.
"All eyes remain on tracking tanker movements in the Strait of Hormuz for any signs of increased activity ahead of peace talks scheduled in Pakistan on Friday," Sycamore said.
On Thursday, despite the ceasefire, vessel traffic through the strait was significantly less than 10% of normal volume, as Tehran reaffirmed its control, warning vessels to stay within its territorial waters.
On Tuesday, Iran and the US agreed to a two-week ceasefire brokered by Pakistan, but fighting continued after the ceasefire was announced.
Analysts say Pakistan will try to achieve a stronger peace agreement, but may lack the leverage needed to force open this strategically important waterway.
Iran wants to charge a fee for vessels passing through the Strait of Hormuz as part of a peace deal, a Tehran official told Reuters on April 7. Western leaders and the UN maritime agency have opposed the idea.
UN says Strait of Hormuz passage fees would set dangerous precedent10.04.26, 03:25
The key transport corridor for oil and gas supplies has been effectively blocked by the conflict, which began on February 28 when the US and Israel launched airstrikes on Iran.
Brent crude prices could reach $190 a barrel if supplies through the Strait of Hormuz remain at current levels, said John Pace, president of energy consulting firm Stratas Advisors.
"If Iran allows an increase in supplies, the oil price will be more moderate, but still significantly higher than pre-war levels," he pointed out.
According to JPMorgan, in almost six weeks since the conflict began, drone and missile strikes have damaged about 50 infrastructure facilities in the Persian Gulf, and refinery capacity has decreased by approximately 2.4 million barrels per day.
Chart shows Iran may have put sea mines in Strait of Hormuz - AP09.04.26, 09:30