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Oil rises more than 1% as tanker attacks and Iran talks stall
Brent settled at $88.52 a barrel and WTI at $82.40, with analysts pointing to constrained shipping through the Strait of Hormuz and weekend risk after renewed attacks.
Crude oil futures rose by more than $1 a barrel on Friday, driven by tanker attacks and a lack of progress on a peace agreement between the Trump administration and Iran, according to Reuters.
Brent futures settled at $88.52 a barrel, up $1.45 or 1.67%, while U.S. West Texas Intermediate crude finished at $82.40, up $1.15 or 1.42%.
Andrew Lipow, president of Lipow Oil Associates, said the move reflects a weekend rally after new attacks on tankers and the absence of a cease-fire, warning that a prolonged constraint on traffic through the Strait of Hormuz, which carries about 20% of global supply, could raise prices further.
Phil Flynn, senior analyst for Price Futures Group, said tanker attacks were the main catalyst, and Reuters reported that Russia suspended crude exports from its Sheskharis terminal at the Black Sea port of Novorossiysk after a drone attack, adding to disruption risk.
Latest closeWTI crude $82.40 ▲1.4%|Brent $88.59 ▲1.8%