INA-SOURCES
Oil prices rose Friday as investors weighed escalating tensions between the U.S. and Iran after Tehran vowed to target regional infrastructure if President Donald Trump followed through on threats to strike the country’s key facilities.
International benchmark Brent crude futures with September delivery advanced 0.7% to trade at $84.79 per barrel, paring gains from earlier in the session.
Meanwhile, U.S. West Texas Intermediate futures with August delivery gained 1.1% to trade at $79.78, having settled at its highest level since June 15 on Thursday.
Both oil contracts are up more than 11% so far this week and on track for their best weekly performance since late April.
U.S. Central Command said overnight that it had completed its sixth consecutive night of strikes against Iran, hitting dozens of military targets such as military logistics infrastructure and maritime capabilities.
In a social media post, Centcom said more than 50,000 service members were operating across the Middle East, adding that they “remain vigilant, lethal, and ready.”
International benchmark Brent crude futures with September delivery advanced 0.9% to trade at 85.01 per barrel, paring gains from earlier in the session.
The escalating standoff comes as the fragile truce reached last month has fractured, once again disrupting energy flows through the strategically vital Strait of Hormuz, which typically handles around 20% of the world’s oil traffic.
SOURCE: CNBC
