Oil prices rise following strikes on Saudi oil facilities
Crude prices rose on Friday following strikes on Saudi infrastructure. Markets remain cautious as the closure of the Strait of Hormuz persists despite a truce.
Global energy markets saw a rise in crude prices during early Friday trading as fresh strikes targeted energy infrastructure in Saudi Arabia. Despite a fragile two-week ceasefire brokered between the United States and Iran, investors remain concerned over the continued closure of the Strait of Hormuz.
Brent Crude Oil futures increased by 83 cents, or 0.87%, to reach $96.75 per barrel. Meanwhile, West Texas Oil futures climbed $1.04, or 1.06%, trading at $98.91 per barrel. Market analysts noted that the initial optimism following the ceasefire announcement has been replaced by skepticism regarding its stability.
