Oil prices climb over ceasefire fears
Oil prices rose on Friday amid concerns over the faltering ceasefire between the United States and Iran due to the cancellation of peace talks in Switzerland and Israel's escalation of its attacks in Lebanon. Brent crude increased by 51 cents to $80.36 per barrel, while U.S. West Texas Intermediate rose by $1.28 to $77.88, as the July contract neared expiration. Both benchmarks are expected to recording weekly losses of around 8%, amid ongoing uncertainty about the prospects for a lasting truce, along with signs of a potential increase in oil supplies following the reactivation of oil trade through the Strait of Hormuz after a temporary agreement between Washington and Tehran.
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