Singapore: Oil prices edged higher in early trading on Friday, supported by ongoing concerns over potential disruptions to energy flows through the Strait of Hormuz, despite a recently announced two-week truce between the United States and Iran aimed at paving the way for a broader de-escalation.
Brent crude futures rose by 83 cents, or 0.87%, to reach $96.75 per barrel. Meanwhile, US West Texas Intermediate (WTI) crude futures gained $1.04, or 1.06%, to $98.91 per barrel.
Market sentiment remained cautious as investors continued to assess geopolitical risks in the region and their potential impact on global oil supply.
