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Doha, Qatar: Oil prices rose on Friday and notched weekly gains, reflecting scepticism about prospects for a ceasefire in the month-old war in Iran.
Brent crude futures settled at $112.57, and US West Texas Intermediate crude (WTI) finished at $99.64. For the week, Brent rose 0.3%, while WTI gained 1.3%, noted Al-Attiyah Foundation in its Weekly Energy Market Review.
Donald Trump extended his deadline for Iran to reopen the Strait of Hormuz or face potential strikes on its energy infrastructure. The US has sent thousands of troops to the Middle East as he weighs whether to use ground forces to seize Iran’s key oil hub, Kharg Island.
The Iran war has taken about 11 million barrels per day out of global oil supply, with the IEA describing the crisis as worse than the two 1970s oil shocks combined. Oil prices will fall quickly if the war begins to wind down soon but still remain above pre-conflict levels, analysts said.
Asia spot liquefied natural gas prices dropped this week after Donald Trump extended a pause in attacks on Iran’s energy plants but also raised fears of further escalation by dispatching thousands of troops to the Middle East.
The average LNG price for May delivery into northeast Asia was $19.30 per mmBtu, down from $25.30 per mmBtu the week before.
