(RTTNews) – Oil prices surged on Friday but were on track for a weekly loss amid hopes of easing Middle East tensions.
Brent crude prices traded 2.2 percent higher at $110.34 a barrel as fears of a prolonged energy shock stemming from the conflict in the Middle East persisted. WTI crude futures were up 1.9 percent at $96.32.
Both contract were down nearly 2 percent for the week after U.S. President Donald Trump said he would delay a threatened strike on Iran’s energy infrastructure and extend his deadline for Tehran to reopen the Strait of Hormuz until April 6, adding talks with Iran were going “very well.”
At the same time, Trump issued a stark warning to Iran, saying the U.S. will “keep blowing them away” if a deal is not reached.
Media reports suggest that the Pentagon is reportedly considering sending up to 10,000 additional ground troops to the Middle East.
Elsewhere, Iran’s local media reported that the country is mobilizing more than one million ground troops to fight against the United States.
The Middle East conflict showed no signs of easing as fresh strikes were reported in Iran, Israel and Lebanon.
Israel struck key infrastructure at multiple locations inside Iran, while Iranian missiles targeted Israel and the UAE.
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