Oil prices surged in early Asian markets as investors kept a watchful eye on the Strait of Hormuz, where restricted shipping flows persisted amidst a fragile Iran-US ceasefire, now being tested by ongoing Israeli strikes in Lebanon. As of 01:00 GMT on Friday, Brent crude oil futures had climbed 0.87 percent to $96.75 per barrel, with US oil futures also seeing a gain of over 1 percent.
US President Donald Trump had earlier criticized Iran for its handling of the Strait of Hormuz, accusing the country of failing to facilitate smooth passage for ships through the critical waterway and warning against any attempts to charge vessels for transit. Meanwhile, the aftermath of recent attacks on Saudi Arabia’s oil infrastructure continues to have a lasting impact, with the kingdom’s output reduced by approximately 600,000 barrels per day and East-West Pipeline throughput down by 700,000 bpd, according to a report from the Saudi Press Agency on Thursday.
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