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Oil prices rise as Lebanon fighting erupts and Hormuz traffic still slow

Oil prices have trended upward as fighting erupts in Lebanon and uncertainty grows over a US-Iran truce. While tankers have begun crossing the Strait of Hormuz, traffic remains slow. Brent crude reversed a recent slide, rising 0.65 percent on Friday.

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What changed

Prices rose due to an expanded Israeli offensive in Lebanon and postponed US-Iran talks.

Live updates

  1. Oil Prices Rise Amid Lebanon Fighting and Hormuz Shipping Delays

    Oil prices have trended upward as fighting erupts in Lebanon and uncertainty grows over a US-Iran truce. While tankers have begun crossing the Strait of Hormuz, traffic remains slow. Brent crude reversed a recent slide, rising 0.65 percent on Friday.

    What's confirmed:

    • Brent crude rose 0.65 percent on Friday.
    • The US and Iran reached an agreement to halt war and reopen the Strait of Hormuz.
    • Oil prices rose following an expansion of Israel's offensive in Lebanon.
    • Tankers have begun crossing the Strait of Hormuz.

    Still unconfirmed:

    • Energy flows will resume at approximately 80 percent by the end of Q3.
    • Oil and fuel prices may take 4 to 8 weeks to stabilize.
    confidence 90%