Tehran [Iran], May 24: Oil prices climbed on Friday, as investors worried that the U.S. and Iran would be unable to reach a peace agreement that would allow shipping traffic to return to normal in the Strait of Hormuz.
Brent crude futures settled at $103.54, and WTI finished at $96.60.
For the week, Brent was 5.2% lower and WTI was down by 8.4%.
Around 20% of global energy supplies transited through the strait before the war, which has removed 14 million barrels per day of oil - or 14% of global supply - from the market, including exports from Saudi Arabia, Iraq, the UAE, Qatar, and Kuwait.
Meanwhile, seven leading OPEC+ oil-producing countries will likely agree to a modest increase in July output when they meet on June 7, sources said, though deliveries from several producers remain disrupted by the war.
Asia LNG prices hit 7-week high as demand rises and Iran conflict stirs risk
Asia spot liquefied natural gas (LNG) rose last week to its highest level in seven weeks as stronger early summer demand and supply risks tightened availability and geopolitical uncertainty around the Iran conflict keeps markets on edge.
The average LNG price for June delivery into northeast Asia was $18.80 per million British thermal units (mmBtu), its highest since early April and up from $17.80 per mmBtu the week before.
In Europe, the Dutch TTF gas price settled at $16.24 per mmBtu, posting a weekly decline of 5.7%.
Concerns are growing over the slow rate of injections into Europe's storage. Though there is still time to refill ahead of winter, the current rate of injections would need to speed up to match normal levels. That would require Europe to start competing harder against Asia to draw back U.S. cargoes.
Source: Qatar Tribune
