Oil climbs over USD1

Business Recorder reported that crude oil futures rose by more than USD 1 a barrel on Friday, driven by tanker attacks and stalled peace efforts between the Trump administration and Iran. Brent closed at USD 88.52 per barrel, a rise of USD 1.45 or 1.67 percent, while US West Texas Intermediate (WTI) finished at USD 82.40 after a gain of USD 1.15. Both benchmarks were heading for weekly increases, at 6.0 percent for Brent and 5.4 percent for WTI.

Andrew Lipow, president of Lipow Oil Associates, pointed to fresh tanker attacks and a stalled cease-fire, warning that a 'day of reckoning' could arrive if Strait of Hormuz traffic stays constrained. He said diesel at USD 180 a barrel and gasoline at USD 130 were squeezing consumers more than crude at about USD 80. Treasury Secretary Scott Bessent, meanwhile, flagged more announcements for next week, calling the planned measures unprecedented in history.

Shipping through the Strait of Hormuz fell below the monthly average as the US and Iran contested control, after two Abu Dhabi National Oil Company vessels were attacked on Thursday. Separately, Russia's Sheskharis terminal at Novorossiysk suspended crude exports after a drone attack, according to three sources familiar with the matter. Norbert Rucker of Julius Baer said inventories were proving more resilient than expected, a trend he sees pulling prices down.