New york: Oil prices rose more than 1% on Friday amid renewed concerns over supply disruptions. Brent crude futures increased by $1.41, or 1.41%, to $101.47 per barrel, while US West Texas Intermediate crude futures rose by $1.12, or 1.18%, to $95.93 per barrel.
According to Bahrain News Agency, the rise in oil prices followed an earlier climb of more than 3% during trading, which ended a three-day decline. Despite the recent gains, both Brent crude and US West Texas Intermediate benchmarks are on track to post weekly losses of around 6%.
The market’s fluctuations are attributed to ongoing concerns about potential disruptions to oil supply, influencing investor sentiment and causing volatility in oil prices. The recent price increase reflects the market’s sensitivity to potential supply chain issues and geopolitical tensions impacting oil-producing regions.