Oil Prices Rise as Markets Monitor Geopolitical Developments

Oil prices extended their gains in trading on friday as markets continued to monitor geopolitical developments in the middle east:ifth of global oil and liquefied natural gas supplies transit. Brent crude futures rose 99 cents, or 1.2 percent, to $83.48 per barrel. US West Texas Intermediate (WTI) crude futures also gained 85 cents, or 1.1 percent, to $78.84 per barrel. According to Qatar News Agency, the gains followed Thursday's session, when both crude benchmarks settled more than $3 higher per barrel. The ongoing tension in the Middle East, a critical region for energy exports, has been a significant factor influencing market sentiment and pricing. The Strait of Hormuz remains a focal point for traders as any disruption in the passage could impact supply chains and cause further price fluctuations. Experts suggest that the market remains sensitive to any news regarding potential conflicts or disruptions in the region. As geopolitical tensions continue to evolve, the energy sector is closely watching dev elopments that could impact global supply and demand dynamics.