Brent crude held above $76 a barrel on Friday and tracked a weekly gain of nearly 6% as renewed US-Iran strikes slowed tanker traffic through the Strait of Hormuz. Continuing talks between Washington and Tehran and a record production month in the UAE kept the rally in check.
Brent crude held above $76 per barrel on Friday and stayed on track for a weekly gain of nearly 6%, as renewed US-Iran strikes delayed a full recovery in tanker traffic through the Strait of Hormuz.
Hormuz traffic stays below normal
Vessel tracking data showed traffic through Hormuz remained significantly below normal levels, keeping market attention fixed on regional energy flows. The renewed strikes delayed a full recovery in tanker traffic through the strait.
Despite the escalation, negotiations between Washington and Tehran toward a longer-term agreement are reportedly continuing, with technical discussions still underway.
Supply offsets and inventory risk
The International Energy Agency warned that a prolonged conflict could disrupt efforts to rebuild global oil inventories later this year after recent supply losses. Gulf producers, meanwhile, moved to fill the gap: the United Arab Emirates raised crude production to a record high last month, highlighting efforts to offset disruptions.
Prices had eased a day earlier. On Thursday, Brent futures fell $1.72, or 2.2%, to settle at $76.30 a barrel, while U.S. West Texas Intermediate dropped $1.44, or 1.96%, to $72.08. Traders looking to trade oil kept watch on the Hormuz data, with market attention fixed on regional energy flows.
Sources: TradingView, Radio Algerie
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