Oil prices rise over 1%, head for weekly gains

Oil prices closed higher on Friday as concerns mounted over renewed military tensions between Washington and Tehran following confrontational remarks from US President Donald Trump and Iranian Foreign Minister Abbas Araghchi.

 

Trump said in press remarks that his patience with Iran was “running out,” adding that he agreed with Chinese President Xi Jinping on the need to prevent Tehran from obtaining a nuclear weapon and to reopen the Strait of Hormuz.

 

Araghchi responded by saying Iran does not trust the United States and is not interested in negotiations unless Washington demonstrates seriousness.

 

Separately, Iran’s Revolutionary Guard said 30 vessels crossed the Strait of Hormuz between Wednesday evening and Thursday, still well below the normal pre-war average of around 140 ships per day, but higher than levels seen in recent days.

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Commodity Price

 
Brent Crude Oil
101.00
(0.38) (0.38%)
Nymex
89.08
(1.16) (1.29%)

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