Oil Rises Amid Continued Concerns Over Shipping Security
Brent crude rose to 106.32 dollars as market participants weighed reports of ship seizures against Iran's claims of increased vessel traffic. While U.S. and Chinese leaders discuss keeping shipping lanes open, analysts suggest tight global supply remains the primary driver of current price trends.
Oil prices rose Friday as shipping concerns persisted in the Strait of Hormuz. Brent Crude Oil futures gained 60 cents, or 0.57%, to $106.32 a barrel. U.S. West Texas Intermediate futures added 54 cents, or 0.53%, to $101.71.
Market worries over vessel seizures and attacks continued despite Iran's statement that about 30 vessels had crossed the Strait of Hormuz since Wednesday evening. U.S. President Donald Trump and Chinese President Xi Jinping were set for a second day of talks in Beijing, with both leaders agreeing on the need to keep the shipping lane open. A cargo vessel carrying livestock sank Wednesday in waters off Oman, and Iranian personnel seized a ship off the United Arab Emirates on Thursday, directing it toward Iranian waters.
