Beijing/Singapore, May 15 (SANA) Oil prices continued to climb on Friday amid persistent concerns in global markets over maritime shipping security and potential disruptions to energy supplies through the Strait of Hormuz.
According to Reuters, Brent crude futures rose 0.57% to $106.32 per barrel, while U.S. West Texas Intermediate crude futures gained 0.53% to trade at $101.71 per barrel.
The gains followed reports of new incidents involving commercial vessels in the Gulf region, raising investor concerns over the continuity of global energy supplies and shipping activity through key maritime corridors.
Meanwhile, the U.S. dollar was on track to record its strongest weekly gain in more than two months, supported by growing expectations that the Federal Reserve may continue raising interest rates amid rising energy costs and shipping disruptions.
The U.S. Dollar Index climbed to 98.98 points, its highest level in two weeks, putting it on course for weekly gains exceeding 1%.
The Chinese yuan remained stable near its strongest level in more than three years at 6.7874 against the dollar.
In Asian trading, the Japanese yen weakened to 158.45 per dollar, heading for a weekly loss of more than 1%.
The euro fell to $1.1662, while the British pound declined to a one-month low of $1.3385.
U.S. economic data showing continued growth in retail sales and resilience in the labor market further strengthened expectations that the Federal Reserve could raise interest rates later this year.
Markets are also closely watching the second day of talks between U.S. President Donald Trump and Chinese President Xi Jinping, with discussions focusing in part on reopening the Strait of Hormuz and ensuring the continued flow of global energy supplies.
IZ/Rk
