Oil prices climb despite US and allied supply measures
Brent crude rose to $109.85 as supply fears offset efforts to secure the Strait of Hormuz. Markets remain tight after recent hits to regional energy sites.
Oil prices trended upward on Friday as market participants weighed geopolitical instability against international efforts to secure energy supply lines. Brent Crude Oil futures rose by $1.20, or 1.1%, to $109.85 a barrel, while U.S. West Texas Intermediate crude gained 0.1% to settle at $96.20. Despite the daily gains, the U.S. benchmark was on track for its first weekly decline in over a month.
The energy market remains under pressure following a series of military exchanges between Israel and Iran. These hostilities included a strike on an oil refinery in Kuwait and a significant attack on a gas field that disabled 17% of the production capacity for Cheniere Energy, Inc. in Qatar. Experts indicate that repairing the infrastructure in Qatar could take up to five years.
