Middle East Conflict Drives Oil Prices Higher Amid Persistent Disruptions

Global oil prices continued to rise on Friday, driven by uncertainty over how long disruptions to oil production and exports in the Middle East will persist. Brent crude was up 4 cents at $93.82 a barrel, after rising 2.4% in the previous session. US West Texas Intermediate (WTI) futures slipped 6 cents to $86.78 a barrel, following a 2.3% increase a day earlier.

The prolonged conflict between the US and Iran has led to concerns that the unresolved situation could restrict supplies from major producers including Saudi Arabia, Iraq, the UAE, and Kuwait. The market remains concerned about potential disruptions to regional energy supplies.

The Strait of Hormuz remains one of the biggest sources of uncertainty for the global oil market. Only nine vessels passed through the waterway on Wednesday, with traffic remaining far below normal levels. Before the conflict began, roughly one-fifth of the world's oil consumption was transported through the strait.