- Brent futures rose 17 cents, or 0.24%, to $72.10 a barrel.
- WTI rose 14 cents, or 0.20%, to $68.83 a barrel.
- “It’s a case of cautious optimism,” says one analyst.
Oil prices rose slightly on Friday ahead of a long U.S. holiday weekend while cautious optimism remained about Middle East peace efforts between the United States and Iran.
Brent futures rose 17 cents, or 0.24%, to $72.10 a barrel by 0155 GMT. West Texas Intermediate rose 14 cents, or 0.20%, to $68.83 a barrel.
US markets will close on Friday ahead of the US Independence Day holiday on Saturday.
During the previous session, the two benchmark indices hit their lowest levels since before the US-Israel war against Iran began in late February. Brent for the week was down 0.02% and WTI was up 0.12%, the smallest weekly moves for both in months.
“It’s a case of cautious optimism, where the market wants to believe that peace efforts will hold, but is still hedging its bets until it sees real evidence on the water,” said Tim Waterer, chief market analyst at KCM Trade.
Some nations are working to increase production by reopening the Strait of Hormuz, which, before the start of the war, carried a fifth of the world’s daily supply of oil and liquefied natural gas.
Kuwait’s oil production rose sharply to 1.65 million barrels per day in June from 580,000 bpd in May, a source familiar with the matter told Reuters on Thursday, as the OPEC member boosted exports following the interim peace deal between the United States and Iran.
Additionally, at least five supertankers carrying a total of 10 million barrels of Saudi oil have left the Strait of Hormuz, and Saudi Aramco has switched to spot prices to accelerate sales in Asia, according to trading sources and shipping data.
