(RTTNews) - Oil prices climbed on Friday but were on track for their steepest weekly loss since June 2025 ahead of U.S. oil and gas rig count data from Baker Hughes later in the day and U.S.-Iran diplomatic talks scheduled for the weekend.
Brent crude prices rose nearly 2 percent toward $98 a barrel after reports suggested that missile and drone strikes have cut Saudi Arabia's oil production capacity by around 00,000 barrels per day and reduced flows through the East-West pipeline by about 700,000 bpd.
WTI crude futures for May delivery were up more than 2 percent at $99.85. Both Brent and WTI crude prices were down about 11 percent so far this week after the United States and Iran agreed to a temporary truce, brokered by Pakistan.
However, tensions lingered around Israeli strikes across Lebanon and the blockade of the Strait of Hormuz.
According to ship-tracking data, just seven ships passed through the strait in the past 24 hours against a normal daily flow of around 140.
Israel and Hezbollah exchanged strikes overnight as U.S. President Donald Trump criticized Iran's handling of the Strait of Hormuz and warned Tehran against charging fees on oil tankers.
Trump said Washington, as the 'winner' of the war, has a 'concept' for charging a toll in the strategic waterway.
Israeli Prime Minister Benjamin Netanyahu announced that his country was ready for direct negotiations with Lebanon, while insisting that Israel's attacks across the country targeting Hezbollah would continue.
The IDF warned Hezbollah may expand rocket attacks beyond northern Israel, raising fears of a wider escalation.
Addressing the nation, Iran's newly appointed Supreme Leader, Mojtaba Khamenei, declared victory in the West Asia conflict and vowed that Iran will not let the U.S.-Israel go unpunished for their alleged acts of aggression.
Elsewhere, Ukraine and Russia have agreed to a rare 32-hour ceasefire for Orthodox Easter, with both sides announcing a temporary halt in fighting.
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