Oil up slightly ahead of long US weekend as peace efforts hold

PERTH: Oil prices rose slightly on Friday before a long holiday weekend in the US as wary optimism held ​over efforts to make peace in the Middle East ‌between the United States and Iran.

Brent futures were up 17 cents, or 0.24%, to $72.10 a barrel as of 0155 GMT.

West Texas Intermediate was up 14 ​cents, or 0.20%, to $68.83 a barrel.

US markets will close on ​Friday ahead of the US Independence Day holiday on ⁠Saturday.

During the prior session the two benchmarks hit their lowest levels since ​before the U.S.-Israeli war on Iran began in late February. Brent ​for the week was down 0.02% and WTI up 0.12%, the smallest weekly movements for both in months.

“It’s a case of guarded optimism, with the market wanting ​to believe the peace efforts will hold, but it’s still ​hedging its bets until it sees real evidence on the water,” said Tim Waterer, ‌chief ⁠market analyst at KCM Trade.

Some nations are working to ramp up production with the reopening of the Strait of Hormuz, which prior to the beginning of the war carried one-fifth of the world’s daily ​supply of oil ​and liquefied ⁠natural gas.

Kuwait’s oil production rose sharply to 1.65 million barrels per day in June from 580,000 bpd in ​May, a source familiar with the matter told Reuters ​on ⁠Thursday, as the OPEC member boosted exports following the U.S.-Iran interim peace agreement.

Also, at least five supertankers carrying a total of 10 million barrels of ⁠Saudi ​oil have exited the Strait of Hormuz, ​with Saudi Aramco switching to spot pricing to speed sales in Asia, according to ​trade sources and shipping data.