Brent crude ticked slightly higher on Friday but was still on track for a more than 8% weekly decline after Israel and Hezbollah agreed to a ceasefire and tanker traffic through the
Brent crude ticked slightly higher on Friday but was still on track for a more than 8% weekly decline after Israel and Hezbollah agreed to a ceasefire and tanker traffic through the Strait of Hormuz increased.
Brent crude futures were up 20 cents, or 0.25%, at $80.05 a barrel by 10:55 a.m. ET, while U.S. West Texas Intermediate crude was up 25 cents, or 0.33%, at $76.85 per barrel.
Trading volumes were light due to a U.S. federal holiday.
Oil shipments through the Strait of Hormuz picked up on Friday after the signing of the deal, with Gulf producers preparing to raise exports despite concerns over conditions set by Tehran for using the vital waterway.
At least four tankers carrying crude, oil products and liquefied petroleum gas entered the strait on Friday, heading for Iraqi Gulf ports, according to MarineTraffic data.
"Though (oil prices) haven't got to the point to where they were before the war started, it looks like we're headed in that direction," said Phil Flynn, senior analyst with Price Futures Group, adding more supply is expected to flow through the Strait of Hormuz in the coming days.
"The backlog of ships can move quicker than some people think
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