Crude Oil Ticks Higher Amid Positivity Over Iran Negotiations Despite Inventory Concerns

Crude oil prices rose on Friday as traders balanced supply-shortage concerns tied to an ongoing Strait of Hormuz blockade against other positive signals from the market. The geopolitical risk raises the odds of tighter near-term inventories and higher oil prices, though the move is only a partial rebound after three straight down sessions.

Analysis

Crude oil prices rose on Friday as traders balanced supply-shortage concerns tied to an ongoing Strait of Hormuz blockade against other positive signals from the market. The geopolitical risk raises the odds of tighter near-term inventories and higher oil prices, though the move is only a partial rebound after three straight down sessions.