Tuesday, 02 January 2024 12:17 GMT

Oil Prices Rise Amid Supply Fears


Date:

(MENAFN- Gulf Times) Oil prices rose on Friday as Hurricane Isaias approached the northern Gulf of Mexico, forcing the suspension of about 1.3 million barrels of daily US crude production.

Brent crude futures settled 44 cents higher at $104.72 a barrel, while US West Texas Intermediate rose 36 cents to $91.85.

Prices had fallen earlier after US President Donald Trump described talks with Iran as "productive".

However, concerns over potential disruptions to oil shipments through the Strait of Hormuz and the hurricane's impact on US output supported prices, with both benchmarks heading for weekly gains.

Oil price oil supply Brent oil

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Gulf Times

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