Oil Prices Rise in Early Asian Trading Amid Renewed Supply Disruption Fears

Deep News04-09 08:21

Oil prices increased during early trading in Asia due to renewed concerns over supply disruptions. The front-month West Texas Intermediate crude futures rose by 2.8% to $97.03 per barrel, while front-month Brent crude futures climbed 2.5% to $97.14 per barrel. According to Iran's semi-official Fars News Agency, oil tanker traffic through the Strait of Hormuz had ceased as of Wednesday evening following Israeli strikes in Lebanon. This critical waterway facilitates the transport of one-fifth of the world's oil supply. Analysts at ANZ Research noted in a report, "Concerns that the [U.S.-Iran] ceasefire agreement may not hold could make oil exporters and ship owners reluctant to redeploy their vessels to the region in the short term."

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