Oil rises Friday after attacks on Saudi energy sites
Oil prices climbed on Friday after attacks on Saudi energy sites and the ongoing closure of the Strait of Hormuz, even though there is a ceasefire between the US and Iran.
Brent crude hit $96.75 per barrel (up 0.87%), while West Texas Intermediate reached $98.91 (up 1.06%).
The market is feeling the pressure as supply worries grow.
Attacks slash Saudi Arabia output, pipelines
The attacks have slashed Saudi oil production by 600,000 barrels a day and cut pipeline flows by another 700,000 barrels daily.
Since late February, about 50 Gulf infrastructure sites have been damaged, sidelining around 2.4 million barrels per day in refining capacity.
Meanwhile, reopening the vital Strait of Hormuz is stuck in debate, mainly over Iran's proposed transit fees, which could push oil prices even higher if not resolved soon.