Oil drilling rigs
Oil prices rose on Friday, closing above $100 per barrel as shipping disruptions in the Strait of Hormuz persisted and the US president threatened to intensify military strikes on Iran in the third week of the war. 
Brent crude futures for May delivery increased 2.67%, or $2.68, to $103.14 per barrel, recording weekly gains of 11.27%, after rising by around 28% last week.
Meanwhile, Nymex April futures climbed 3.11%, or $2.98, to $98.71 per barrel, bringing their weekly gains to 8.59%.
These gains came despite measures taken by the US and its allies to contain energy costs, including the approval by the International Energy Agency to release 400 million barrels from strategic reserves, the largest operation of its kind in history.
Washington also granted India a 30-day exemption to purchase sanctioned Russian oil. However, signals from Donald Trump that the conflict may not end soon, along with a pledge by Iran’s Supreme Leader Mojtaba Khamenei to continue fighting, have kept markets on edge.
Oil drilling rigs
Oil prices rose on Friday, closing above $100 per barrel as shipping disruptions in the Strait of Hormuz persisted and the US president threatened to intensify military strikes on Iran in the third week of the war.
Brent crude futures for May delivery increased 2.67%, or $2.68, to $103.14 per barrel, recording weekly gains of 11.27%, after rising by around 28% last week.
Meanwhile, Nymex April futures climbed 3.11%, or $2.98, to $98.71 per barrel, bringing their weekly gains to 8.59%.
These gains came despite measures taken by the US and its allies to contain energy costs, including the approval by the International Energy Agency to release 400 million barrels from strategic reserves, the largest operation of its kind in history.
Washington also granted India a 30-day exemption to purchase sanctioned Russian oil. However, signals from Donald Trump that the conflict may not end soon, along with a pledge by Iran’s Supreme Leader Mojtaba Khamenei to continue fighting, have kept markets on edge.
