Manama: Oil prices climbed on Friday as persistent disruptions to shipping through the strategic Strait of Hormuz and stalled US-Iran talks heightened concerns over global supply. Brent crude futures for July delivery rose 89 cents, or 0.8%, to $111.20 a barrel, while US West Texas Intermediate (WTI) crude gained 37 cents, or 0.4%, to $105.44 a barrel.
According to Qatar News Agency, both benchmarks were on track for strong weekly gains, with Brent set to rise about 5.7% and WTI heading for an 11.7% increase. These increases have been supported by supply concerns and ongoing geopolitical tensions. The disruptions in the Strait of Hormuz, a crucial passageway for the global oil supply, have contributed significantly to the rise in oil prices. Additionally, uncertainty surrounding the US-Iran negotiations has further fueled market anxiety, contributing to the upward pressure on oil prices.