Oil prices experienced an uptick on Friday amid ongoing market apprehensions regarding ship attacks and seizures, even as Iran reported that approximately 30 vessels had navigated through the Strait of Hormuz. Concurrently, the U.S. and Chinese presidents were scheduled for a second day of discussions in Beijing. Brent crude oil futures increased by 60 cents, or 0.57%, reaching $106.32 a barrel by 0100 , whereas U.S. West Texas Intermediate futures gained 54 cents, or 0.53%, to $101.71.

A ship was reported seized by Iranian personnel off the United Arab Emirates and headed for Iranian waters on Thursday, while the White House indicated that U.S. President Donald Trump and Chinese President Xi Jinping had reached a consensus on the necessity of maintaining the openness of the nearby Strait of Hormuz shipping lane. An Indian cargo vessel transporting livestock from Africa to the United Arab Emirates sank on Wednesday in waters off the coast of Oman. The Revolutionary Guards of Iran reported that 30 vessels have traversed the Strait of Hormuz since Wednesday evening.

This figure remains significantly below the typical daily average of 140 prior to the onset of conflict, yet it represents a noteworthy increase if verified. Yang An, indicated that the primary factor influencing oil prices remains constrained supply. Oil prices exhibited considerable volatility yesterday, yet ultimately settled close to the peak of the day’s trading range,” he stated. Vessels navigating the strait alleviated certain market apprehensions; however, this was insufficient to alter the prevailing trend influenced by constrained supply.

Trump and Xi are scheduled to convene on Friday to conclude a two-day state visit. U.S. Trade Representative Jamieson Greer remarked on Friday morning that China is adopting a pragmatic approach regarding its engagement with Iran, emphasizing the significance of keeping the Strait of Hormuz open for China, during an interview.