Brent rebounds above $95 as ceasefire uncertainty and terminal disruption support crude prices
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Oil prices edged higher on Friday, recovering some of the previous session’s losses as concerns over Middle East stability and supply disruptions returned to focus.
Brent crude gained 33 cents, or 0.35%, to $95.36 per barrel, while US West Texas Intermediate (WTI) crude rose to $93.06 per barrel.
Market sentiment was supported by reports that Oman’s Mina al Fahal oil terminal suspended loadings following an explosion near its export facilities. The incident raised fresh concerns about regional energy supplies.
Prices also found support after Hezbollah rejected a new ceasefire proposal in Lebanon, keeping uncertainty high across the region. Ongoing negotiations involving the United States, Iran, Israel, and Lebanon continue to influence market expectations.
Despite recent volatility, both Brent and WTI are on track for their first weekly gain in three weeks. WTI has risen more than 6% this week amid fears of supply disruptions around the Strait of Hormuz, a key route for global oil shipments.
Analysts also pointed to declining global oil inventories, which could tighten supplies further in the coming months.
Meanwhile, OPEC maintained its forecast for global oil demand growth this year, while Iranian oil exports remain under pressure due to US sanctions and maritime restrictions.
Investors are expected to closely monitor developments in the Middle East, as any escalation or breakthrough in diplomatic efforts could significantly impact oil prices.
