Khaberni - Oil prices rose by 1% during volatile trading on Friday, amid the ongoing war with Iran for three weeks, while the United States prepares to send thousands more troops to the Middle East in the coming weeks.
According to Reuters, Brent crude futures for May delivery increased by 91 cents, or 1%, reaching $109.64 a barrel, while West Texas Intermediate crude for April delivery rose by $1.29, or 1.3%, to $97.43 a barrel.
Tensions escalated this week with the United States and Israel targeting Iran's energy infrastructure.
U.S. President Donald Trump said on Thursday that Israel would not target energy facilities again, but markets expect supply disruptions to continue for a longer period, and it will take at least several weeks to reopen the Strait of Hormuz.
Saxo Bank’s Head of Commodity Strategy, Ole Hansen, explained: "A quick shift in the direction of energy prices is unlikely as the damage has impacted production. The reality on the ground shows that the market is experiencing a supply shortage."
Three U.S. officials informed Reuters on Friday that the United States intends to deploy thousands of additional Marines and sailors in the Middle East.
U.S. Energy Secretary Chris Wright stated that lifting sanctions on Iranian oil shipments stranded at sea could allow supplies to reach Asia within three to four days.
Brent crude had jumped to more than $119 a barrel on Thursday, nearing its peak recorded on March 9, after Iran responded to an Israeli attack targeting a major gas field by disrupting about 17% of Qatar's liquefied natural gas capacity, damage that could take up to five years to repair.
