Oil prices surged in early Asian trading hours, fueled by investor anxiety over the ongoing disruption of shipping through the Strait of Hormuz, as a fragile truce between Iran and the US is strained by Israel’s continued airstrikes in Lebanon. As of 01:00 GMT on Friday, Brent crude oil futures had climbed 0.87 percent to $96.75 per barrel, while US oil futures rose by more than 1 percent.
US President Donald Trump had previously criticized Iran for its handling of the Strait of Hormuz, stating that it was “failing miserably” in allowing vessels to pass through the critical shipping route. Trump also cautioned Tehran against imposing tolls on ships navigating the waterway. Furthermore, the aftermath of recent attacks on Saudi Arabia’s oil production facilities has resulted in a significant reduction of the kingdom’s output by approximately 600,000 barrels per day (bpd) and a corresponding decrease in throughput on its East-West Pipeline by 700,000 bpd, according to a report by the Saudi Press Agency on Thursday.
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