Attacks on Saudi facilities spark anxiety in markets - Oil rises also as a result of the blockade of Hormuz
Oil prices rose on Friday, driven by renewed anxiety over supplies from Saudi Arabia, while tanker traffic through the critical Strait of Hormuz remained largely blocked.
Brent crude futures added 96 cents to $96.88 a barrel, while West Texas Intermediate crude rose 78 cents to $98.65 a barrel.
The attacks on Saudi energy facilities have reduced the kingdom's oil production capacity by about 600,000 barrels per day and the capacity of the East-West pipeline by about 700,000 barrels per day. Concerns about further disruptions to oil supplies grew after the report.
Ship traffic through the strait remained well below 10% of normal volumes on Thursday, despite the ceasefire, as Tehran asserted its control by warning ships to stay in its territorial waters.
Iran and the United States agreed on Tuesday to a two-week ceasefire brokered by Pakistan, but fighting continued after the announcement. Analysts say Pakistan will try to push for a more lasting peace deal but may not have the leverage needed to force the reopening of the strategic waterway.
Iran wants to impose tariffs on ships passing through the strait under a peace deal. Western leaders and the UN maritime transport agency have opposed the idea.
About 50 infrastructure assets in the Persian Gulf have been damaged by drone and missile attacks in the nearly six weeks since the conflict began, and about 2.4 million barrels per day of oil refining capacity has been knocked out of service, according to JPMorgan.
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