Lebanon: Oil prices rose on Friday as markets remained cautious over escalating Middle East developments and their potential impact on Strait of Hormuz shipping flows. Brent crude futures climbed 60 cents, or 0.57%, to $106.32 a barrel. US West Texas Intermediate crude futures gained 54 cents, or 0.53%, to $101.71 a barrel

According to Qatar News Agency, the increase in oil prices reflects concerns over the stability of shipping routes in the region. The Strait of Hormuz is a crucial passage for global oil shipments, and any disruption could significantly affect supply chains. Markets are closely monitoring the situation as tensions continue to mount.

In addition to geopolitical factors, traders are also considering potential responses from oil-producing nations. Any strategic decisions regarding production levels could further influence price movements. The current price adjustments indicate a market reacting to immediate concerns while anticipating future developments.