Oil prices moved higher on Friday as global markets grew more worried about shipping security in the Strait of Hormuz, even after Iran said around 30 ships had safely crossed the waterway. At the same time, talks between the United States and China continued in Beijing.
Brent crude futures gained 60 cents, or 0.57%, reaching $106.32 per barrel. U.S. West Texas Intermediate crude also rose 54 cents, or 0.53%, to $101.71 per barrel.
The rise in prices came after reports that a ship had been detained near the coast of the United Arab Emirates, increasing fears about the safety of shipping routes in the region.
Meanwhile, the White House said that U.S. President Donald Trump and Chinese President Xi Jinping agreed during talks on the importance of keeping navigation flowing smoothly and ensuring the Strait of Hormuz remains open for commercial shipping.
Market tensions also increased after an Indian cargo ship carrying livestock from Africa to the UAE sank on Wednesday in waters near Oman, adding more pressure to global energy markets.
