Beijing, April 10 (SANA) Oil prices rose in early trading on Friday following attacks on energy infrastructure in Saudi Arabia, with markets also weighing concerns over potential disruptions in the Strait of Hormuz amid heightened geopolitical tensions.
Brent crude futures climbed 83 cents, or 0.87%, to $96.75 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $1.04, or 1.06%, to $98.91 a barrel, according to Reuters.
The gains reflect a rising risk premium as traders assess continued disruptions to maritime traffic through the Strait of Hormuz, despite a declared ceasefire between the United States and Iran.
Analysts warn that sustained disruption to supplies through the strategic waterway could push prices to record highs if a durable regional settlement is not reached.
JPMorgan said that around 50 oil infrastructure facilities across the Gulf have been damaged in recent weeks, leading to an estimated 2.4 million barrels per day in lost refining capacity.
A Saudi energy ministry official said on Thursday that recent attacks on energy facilities caused operational disruptions that reduced production capacity by 600,000 barrels per day. The losses followed separate strikes on the Manifa and Khurais facilities, each cutting output by 300,000 barrels per day.
kA.RK
