Oil Markets Edge Higher

(MENAFN) Oil prices recorded a modest increase on Friday as the ongoing shutdown of the Strait of Hormuz and intensifying naval frictions between the United States and Iran continued to unsettle global energy markets. This upward movement occurred even as a recently renewed extension of the Israel-Lebanon ceasefire helped slightly ease broader regional concerns.

International oil standards also reflected this rise, with Brent crude futures climbing by 0.63% to reach $105.73 per barrel as of 0545GMT. Meanwhile, the US benchmark West Texas Intermediate (WTI) saw a smaller increase of 0.32%, reaching $96.17 per barrel.

The price growth was largely driven by persistent instability in the Middle East, where ongoing conflict has heightened worries about energy supply security. Both the United States and Iran have reportedly intercepted vessels, while continued naval blockades have resulted in the Strait of Hormuz remaining closed.

Prior to the conflict, roughly 20 million barrels of crude oil and petroleum products passed through the strait daily, highlighting its importance as one of the most vital global energy transit points.

Despite these tensions, oil prices still advanced after US President Donald Trump announced on Thursday that Israel and Lebanon had reached an agreement to prolong their ceasefire following discussions at a White House meeting with senior American officials.

“The Meeting went very well!” Trump said on his Truth Social platform, announcing the extension.

The original ceasefire was intended to last for 10 days, but its extension is expected to allow additional time for diplomatic negotiations. At the same time, Washington has committed to supporting efforts aimed at reinforcing Lebanon’s defensive capabilities against Hezbollah.

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