Oil Prices Fluctuate Amid Renewed US-Iran Tensions
(RTTNews) - Oil prices ticked higher on Friday after the U.S. and Iran traded fire in the Strait of Hormuz and accused each other of carrying out attacks in the sharpest confrontation since the fragile U.S.-Iran ceasefire came into effect on April 7.
Brent crude futures for July delivery were little changed at $99.95 a barrel in choppy trade while WTI crude futures for June delivery were down half a percent at $94.38.
Iran created a new agency to formalize its control over the Strait of Hormuz and reportedly activated its air defense systems, intensifying fears of a broader military crisis in the region.
The U.S. military said it "remained positioned and ready to protect American forces" after intercepting unprovoked Iranian attacks on three Navy ships.
While insisting talks were "going very well," President Donald Trump said great damage was done to the Iranian attackers and there will be harsher military action "if they don't get their deal signed, FAST!"
The International Energy Agency said the war is causing "the largest supply disruption in the history of the global oil market" and that any post-conflict production recovery would likely proceed gradually.
Traders also looked ahead to the release of the U.S. non-farm payrolls report later in the day for directional cues after private sector job growth soared in April.
Analysts expect an increase of 62,000 jobs in the month, down from 178,000 in March, while the unemployment rate is seen holding steady at 4.3 percent.
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