Kamal Ghorui
Global crude oil prices climbed more than 1% on Friday after US President Donald Trump said he would not remain “much more patient” with Iran, while fears over attacks on ships and disruptions in the Strait of Hormuz continued to keep markets on edge.Brent crude futures rose $1.32, or 1.25%, to $107.04 a barrel by 0425 GMT, while US West Texas Intermediate (WTI) crude gained $1.33, or 1.31%, to $102.50 per barrel, as per Reuters.For the week, Brent has surged nearly 6%, while WTI has climbed more than 7%, driven by uncertainty surrounding the fragile ceasefire in the Iran conflict and concerns over oil supply disruptions through the Strait of Hormuz.“I am not going to be much more patient,” Trump said in an interview with Fox News on Thursday night, referring to Iran. “They should make a deal.”The Strait of Hormuz remains at the centre of market concerns as it handles nearly one-fifth of global oil shipments under normal conditions.Although Iran’s Revolutionary Guards claimed around 30 vessels had crossed the strait since Wednesday evening, the figure remains far below the roughly 140 daily crossings recorded before the war began.The White House said Trump and Chinese President Xi Jinping agreed on the need to keep the crucial shipping route open during their ongoing summit in Beijing.US trade representative Jamieson Greer also said China viewed the reopening of the strait as important for global trade and energy security.Fresh maritime incidents further added to supply concerns. A ship was allegedly seized by Iranian personnel off the coast of the United Arab Emirates on Thursday and taken towards Iranian waters.Separately, an Indian cargo vessel carrying livestock from Africa to the UAE sank off Oman earlier this week, according to Reuters.Market analysts said oil prices remain supported mainly by fears of tight supply. Vandana Hari of Vanda Insights told Reuters that with no breakthrough on Iran emerging from the Beijing summit, investor attention had shifted back to the “deadlock and a blockaded Strait.”Yang An, an analyst at Haitong Futures, said ships passing through the strait had eased some concerns, but “not enough to change the strong trend driven by tight supply,” as reported by Reuters.
