Brent crude futures rise 19 cents to $76.49 per barrel

Oil prices rose on Friday, heading toward weekly gains, as fears of a disruption in Middle East supplies resurfaced following renewed fighting between the United States and Iran this week, which disrupted shipping traffic in the Strait of Hormuz. Brent crude futures rose 19 cents, or 0.25 percent, to $76.49 per barrel. U.S. West Texas Intermediate crude rose 19 cents, or 0.26 percent, to $72.27.

On a weekly basis, Brent crude is on track to post gains of 6 percent, while U.S. crude is set to rise by 5 percent. Vandana Hari, founder of Vanda Insights, a firm specializing in oil market analysis, said, “Prices have retreated from midweek levels, but there remains a significant risk premium due to the near-total halt in traffic through the Strait of Hormuz, with no clear indications of when normal operations can resume.”

Hari added, “However, market confidence in the return of the United States and Iran to a diplomatic track to resolve the issue appears to be capping further upside.”