-- Crude futures rose Friday on renewed Middle East doubts, though both benchmarks remain on track for weekly losses as diplomatic uncertainty continues to weigh on the market.
The Brent futures contract gained 0.2% to $100.30 per barrel. Murban futures gained 1.2% to $97.92 per barrel. For the week, both contracts are still headed for weekly losses.
"Crude oil prices suffered a rollercoaster rise as doubts emerged over US-Iran peace negotiations," ANZ analysts said.
Despite earlier optimism, reports of explosions near Bandar Abbas and renewed friction over Strait of Hormuz naval escorts pushed prices higher, overriding the impact of tightening US inventories, analysts noted.
On the supply side, fundamental data confirms that the prolonged obstruction of the Strait is severely taxing global reserves.
US Energy Information Administration data released Wednesday showed a 2.3-million-barrel drawdown in domestic crude stockpiles.
"Demand for US crude remains strong, with exports sitting at 4.75mb/d," ANZ noted.
This depletion is largely a result of American refineries utilizing domestic oil to compensate for international shortages, market experts said.