On Friday, Brent crude prices rose by 17 cents or 0.24 percent to reach $72.10 per barrel in the international market. During the same period, US benchmark West Texas Intermediate (WTI) crude oil prices increased by 14 cents or 0.20 percent to trade at $68.83 per barrel.
According to analysts, as the market will be closed on Saturday for the US Independence Day, it impacted Friday's trading. Investors' cautious stance ahead of the holiday limited the pace of price increases.
Market observers said that while oil prices saw significant fluctuations in recent months due to tensions in the Middle East, the volatility was relatively lower this week.
Tim Waterer, chief market analyst at KCM Trade, said the market is showing controlled optimism. Although there are expectations of successful peace initiatives, investors will remain cautious until there is clear evidence of tangible progress.
Meanwhile, following a temporary peace agreement, initiatives have been taken to normalize ship traffic through the Strait of Hormuz, one of the world's most important waterways. As a result, various countries have taken steps to increase oil production and exports. Before the start of the war, nearly one-fifth of the world's total oil and liquefied natural gas (LNG) transport passed through this strait.
According to Reuters data, Kuwait's daily oil production was 580,000 barrels in May, which increased to 1.65 million barrels in June. Additionally, Saudi Aramco has introduced a new spot pricing method to boost sales in the Asian market. Furthermore, at least five supertankers carrying nearly 10 million barrels of Saudi oil have already crossed the Strait of Hormuz.
