Global oil prices edged higher on Friday amid renewed supply concerns following attacks on Saudi energy facilities and a near standstill in tanker movement through the strategically vital Strait of Hormuz, according to a Reuters report.
Brent crude futures rose by 58 cents, or 0.60 per cent, to $96.50 per barrel as of 0338 GMT, while West Texas Intermediate (WTI) crude gained 49 cents, or 0.50 per cent, to $98.36 per barrel.
Despite the uptick, both benchmarks remain on track for a sharp weekly decline of around 11 per cent, the steepest drop since June 2025, reflecting ongoing volatility in global energy markets.
The surge in prices comes after attacks on Saudi Arabia’s energy infrastructure, which have reduced the kingdom’s oil production capacity by approximately 600,000 barrels per day. Additionally, throughput on the East-West Pipeline has fallen by around 700,000 barrels per day, according to the Saudi Press Agency, citing an official source from the Ministry of Energy.
Market analysts warn that the disruption, coupled with restricted tanker traffic through the Strait of Hormuz — a critical artery for global oil shipments, has intensified fears of supply shortages, contributing to heightened uncertainty across energy markets.