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Oil Prices Climb as Hormuz Blockade Persists
(MENAFN) Oil prices pushed higher Friday as the fragile US-Iran ceasefire failed to restore normal shipping flows through the Strait of Hormuz, keeping supply anxiety firmly at the center of global energy markets.
US West Texas Intermediate (WTI) crude for May delivery climbed 1.55% to $99.41 per barrel as of 0710 GMT, while Brent crude for June delivery advanced 1.45% to $97.33 per barrel.
Despite the truce brokered earlier this week, the Strait of Hormuz — which handled roughly 20% of global oil supply before the war — remained effectively restricted, dashing hopes of a rapid rebound in tanker traffic through one of the world's most strategically vital energy corridors.
President Donald Trump sharpened the diplomatic pressure Thursday, accusing Iran of failing to fully reopen the strait to oil shipments and warning Tehran against levying passage fees on tankers — casting fresh doubt over the ceasefire's durability.
The supply outlook darkened further following strikes on Saudi Arabia's energy infrastructure. Saudi authorities confirmed the attacks reduced the kingdom's oil production capacity by approximately 600,000 barrels per day and curtailed flows through the East-West Pipeline by roughly 700,000 barrels per day — a route that had served as a critical export alternative amid the Hormuz disruptions. Strikes on the Manifa and Khurais oil fields further dented output, while damage to refining facilities added additional strain on regional supply, according to media.
The ceasefire agreement, secured by Washington on Tuesday, had explicitly included the reopening of the strait to commercial shipping as a core condition. However, UAE oil chief and ADNOC CEO Sultan Al Jaber stated Thursday that the waterway remained largely closed to regular vessel traffic, highlighting the widening gap between the terms of the agreement and realities on the ground.
US West Texas Intermediate (WTI) crude for May delivery climbed 1.55% to $99.41 per barrel as of 0710 GMT, while Brent crude for June delivery advanced 1.45% to $97.33 per barrel.
Despite the truce brokered earlier this week, the Strait of Hormuz — which handled roughly 20% of global oil supply before the war — remained effectively restricted, dashing hopes of a rapid rebound in tanker traffic through one of the world's most strategically vital energy corridors.
President Donald Trump sharpened the diplomatic pressure Thursday, accusing Iran of failing to fully reopen the strait to oil shipments and warning Tehran against levying passage fees on tankers — casting fresh doubt over the ceasefire's durability.
The supply outlook darkened further following strikes on Saudi Arabia's energy infrastructure. Saudi authorities confirmed the attacks reduced the kingdom's oil production capacity by approximately 600,000 barrels per day and curtailed flows through the East-West Pipeline by roughly 700,000 barrels per day — a route that had served as a critical export alternative amid the Hormuz disruptions. Strikes on the Manifa and Khurais oil fields further dented output, while damage to refining facilities added additional strain on regional supply, according to media.
The ceasefire agreement, secured by Washington on Tuesday, had explicitly included the reopening of the strait to commercial shipping as a core condition. However, UAE oil chief and ADNOC CEO Sultan Al Jaber stated Thursday that the waterway remained largely closed to regular vessel traffic, highlighting the widening gap between the terms of the agreement and realities on the ground.
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