Global oil prices rise

Oil prices rose on global markets amid continued uncertainty surrounding U.S.-Iran negotiations and concerns over crude supply disruptions from the Middle East.

August Brent crude futures climbed to around $95 a barrel, while U.S. West Texas Intermediate (WTI) crude traded near $93 a barrel. Despite recent volatility, both benchmarks were on track for weekly gains.

The market continues to be supported by concerns over potential supply disruptions through the Strait of Hormuz and ongoing tensions in the Middle East. Analysts also point to declining global oil inventories and persistent risks to worldwide oil supplies.