(RTTNews) – Oil prices traded higher on Friday, building on the previous session’s gains amid doubts over ongoing efforts to fully reopen the Strait of Hormuz, a vital shipping route for global energy supplies.
Brent crude futures edged up by 0.3 percent toward $83 a barrel, while WTI crude futures were up 0.4 percent at $77.58.
Middle East tensions flared again following attacks by the Iran-aligned Houthis on a military camp in Yemen and in Saudi Arabia, a major oil supplier.
Israel resumed attacks in southern Lebanon after announcing the deaths of two reserve soldiers and severe injuries to four others in an explosion the day before.
Iran reportedly struck “hostile targets” in the Strait of Hormuz and said a deal with Oman to manage traffic through the waterway will not fully reopen the vital global trade route, raising fresh concerns over global oil supplies.
Iran said it would bar U.S., Israeli and other “hostile” vessels from transiting the Strait of Hormuz.
It was said that the draft bill, which seeks to impose fines of up to 20 percent of a ship’s cargo value for violations of the proposed restrictions, remains under expert review and is open to recommendations before any legislative action is taken.
Despite conflicting account of discussions, U.S. President Donald Trump said in the Oval Office that the war with Iran will end “pretty soon.” Iran has accused Trump of “theater diplomacy.”
Meanwhile, the Defense Forces of Ukraine struck some important Russian facilities in the temporarily occupied territories.
Russian unmanned drones struck three cargo ships loaded with Ukrainian military supplies in the Black Sea.
According to preliminary government data, U.S. imports of Saudi Arabian crude fell to zero in July, marking the first full-month halt since 1985.
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