Oil prices rose on 10 April due to renewed concerns over Saudi Arabian supply disruptions and the ongoing halt of tanker traffic through the Strait of Hormuz, reported Reuters.
Despite this increase, prices were on track for a weekly loss as tensions relaxed following a tentative two-week ceasefire between the US and Iran.
Go deeper with GlobalData
Discover B2B Marketing That Performs
Combine business intelligence and editorial excellence to reach engaged professionals across 36 leading media platforms.
Meanwhile, Israel indicated readiness for direct talks with Lebanon, suggesting possible diplomatic progress.
As of 06:04 GMT, Brent crude futures had increased by $0.96, reaching $96.88 per barrel (bbl).
Meanwhile, West Texas Intermediate (WTI) futures had risen by $0.78 to $98.65/bbl, a 0.80% gain.
Despite these gains, both contracts fell 11% over the past week, their steepest weekly decline since June 2025.
According to the Saudi Press Agency, citing an official from the Ministry of Energy, attacks on the nation’s energy facilities have reduced oil production capacity by approximately 600,000 barrels per day (bpd), with East-West Pipeline throughput decreasing by around 700,000bpd.
Meanwhile, shipping activities through the Strait of Hormuz remain below 10% of usual levels as Iran enforced its territorial claims amid the ongoing conflict.
Despite a US-Iran ceasefire brokered by Pakistan, reports indicated continued fighting.
The strategic passageway, crucial for global oil and gas shipping, has seen significant disruption since the conflict began in February with Operation Epic Fury, led by the US and Israel against Iran.
Reports from JPMorgan suggest more than 50 infrastructure assets have been targeted, impacting around 2.4 million barrels per day of refining capacity.
In a related development, the fragile ceasefire is under strain, with the US accusing Iran of breaking terms related to maintaining passage through the Strait of Hormuz, reported Reuters.
Iran, in turn, cites Israeli military actions in Lebanon as a breach.
The limited movement through the strait continues to impact global energy supplies.
Israeli forces reported strikes on Hezbollah targets in Lebanon, following rocket attacks on northern Israel.
Meanwhile, preparations are under way in Pakistan for US-Iran negotiations on Saturday, aimed at addressing the conflict’s broader implications.
In light of these developments, Iran released a settlement proposal emphasising control over the Strait of Hormuz, nuclear enrichment rights, and the lifting of sanctions and ending the war.
