Brent crude oil prices rose above $106 per barrel in early trading on Friday as traders remained cautious following US President Donald Trump’s latest fragile ceasefire announcement between Israel and Lebanon. Forex traders are exercising restraint due to the constantly shifting and inconsistent positions of both Iran and Washington regarding the opening and closure of the Strait of Hormuz.
During the previous trading session, Brent crude surged to an intraday high of $107 per barrel, marking the third consecutive day that oil prices have remained above the $100-per-barrel level.
West Texas Intermediate (WTI) crude prices also climbed to $98 per barrel during Thursday’s session after opening near $92 per barrel.
While investors had hoped that a ceasefire between the US and Iran, along with the reopening of the Strait of Hormuz, would ease oil prices and relieve pressure on oil-dependent economies, those hopes quickly faded after Iran refused to attend a second round of talks in Islamabad.
Brent crude rose 1.24 per cent to $106.37 per barrel on Friday, compared with $105.44 at the previous close.
WTI crude was trading 1.18 per cent higher at $96.98 per barrel as of 07:34 on 24 April, up from $95.85 at the previous close, according to exchange data.
Gold prices on the New York Mercantile Exchange (COMEX) fell 0.37 per cent to $4,705.40 per 10 grams, compared with $4,724 in the previous session.
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