Oil prices climb as US and Iran clash in Persian Gulf
Brent crude rose to 101 dollars after US and Iranian forces traded air strikes. Prices pared gains as President Trump said the ceasefire remains in effect.
Brent Crude Oil rose 1.41% to $101.47 on Friday afternoon following renewed military clashes between the United States and Iran. Despite the daily gain, both global benchmarks remain on track for weekly declines exceeding 6%. Investors are weighing immediate supply risks in the Strait of Hormuz against broader geopolitical uncertainty.
West Texas Oil rose 0.95% to $95.71 as traders monitored air strikes in the Gulf. The United Arab Emirates also reported new attacks while Washington awaited a response from Tehran regarding a peace proposal. The current conflict began after joint strikes by the U.S. and Israel on February 28.
