NEW DELHI: Oil prices gained more than 1 percent after President Donald Trump said he would not be much more patient with Iran and as concerns persisted over ship attacks and seizures despite Tehran saying about 30 vessels had passed through the Strait of Hormuz.
Brent crude oil futures rose $1.32, or 1.25 percent, to $107.04 a barrel by 7:25 a.m. Saudi time, while US West Texas Intermediate futures were up $1.33, or 1.31 percent, to $102.50.
For the week, Brent has climbed nearly 6 percent, while WTI has jumped more than 7 percent, on uncertainty over the shaky ceasefire in the Iran conflict.
“I am not going to be much more patient,” Trump said in an interview aired on Thursday night on Fox News. “They should make a deal.”
US Trade Representative Jamieson Greer said on Friday morning that China was being very pragmatic about involvement with Iran, and it was important to China to have the Strait of Hormuz open, in an interview with Bloomberg.
