LONDON — Brent crude oil, the international benchmark for oil prices, traded at $76.68 per barrel in futures markets on Friday, reflecting continued support from geopolitical risks in the Middle East while remaining below recent highs.
As of 9:50 a.m. local time, the price of Brent crude for September delivery was trading at $76.68 per barrel, slightly above the previous session’s close. Meanwhile, West Texas Intermediate (WTI) crude traded at around $72.20 per barrel.
Oil prices have remained elevated this week amid renewed concerns over supply disruptions linked to tensions involving the United States and Iran, particularly around the Strait of Hormuz, through which roughly one-fifth of global oil shipments pass. Market participants continue to monitor developments in the region for signs of further disruptions to energy supplies.
Despite some profit-taking in recent sessions, Brent crude is on track to post a solid weekly gain as geopolitical risk premiums continue to support prices. Analysts say concerns over shipping security and the pace of oil flows through the Strait of Hormuz remain key drivers of market sentiment.
Source: Patronlar Dünyası/ Prepared by: İlayda Gök