Khaberni - Oil prices rose on Friday morning due to fears of renewed military escalation in the Middle East after Iran released footage showing its forces boarding a cargo ship in the Strait of Hormuz, amidst reports that Iranian air defenses dealt with "hostile targets".
By 0107 GMT, Brent crude futures had risen $1.23 or 1.17% to $106.3 per barrel. Meanwhile, West Texas Intermediate crude futures increased $1.07 or 1.12% to $96.92.
The two crudes gained more than 3% at Thursday's settlement and rose five dollars per barrel after reports about air defenses dealing with targets over Tehran and about a power struggle between hardline conservatives and moderates in Iran.
U.S. President Donald Trump said that Iran might have slightly enhanced its military arsenal during the ceasefire but added that the U.S. military could eliminate it in just one day.
Haityong Futures said in its report that the ceasefire appears increasingly like a preliminary stage for launching a war. It added that if talks between the United States and Iran fail to make significant progress by the end of April and fighting resumes, oil prices could reach new record levels for the year.
