Oil prices mixed as geopolitical tensions flare

Oil drilling rigs

Oil prices were mixed on Friday, with both benchmark contracts on track to post their first weekly gain in three weeks following renewed geopolitical tensions in the Middle East.

 

Oman suspended oil-loading operations at the Mina Al Fahal terminal after an explosion reportedly caused by a drone attack, Reuters reported.

 

Changes in benchmark crude futures

Crude

Price ($/barrel)

Change ($)

Change (%)

Brent (August)

95.37

+0.34

+0.35%

WTI (July)

93.08

--

--
*Prices as of 08:03 Makkah time.
 

Haitham Al Ghais, secretary-general of OPEC, said the organization remains committed to its forecast for global oil demand growth of 1.2 million barrels per day this year despite the conflict in the Middle East and the closure of the Strait of Hormuz.

 

Markets are awaiting the release later on Friday of the US oil and gas rig count from Baker Hughes for further clues on the outlook for US energy supplies.

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

Commodity Price

 
Brent Crude Oil
94.76
(0.37) (0.39%)
Nymex
93.30
0.33 0.36%

Popular Links

Quick Links

Join Us

Argaam.com Copyright © 2026, Argaam Investment, All Rights Reserved
Call Request