Al-Attiyah Energy Foundation: Global oil prices rise again amid market tensions

Oil prices recorded notable gains on Friday, with Brent crude futures jumping nearly 3% following the exchange of airstrikes between the United States and Iran. However, prices later trimmed gains amid growing hopes for a longer truce and easing regional tensions.

Brent crude settled at $101.29 per barrel, while U.S. West Texas Intermediate crude closed at $95.42 per barrel, despite both benchmarks posting weekly losses of 6.4%, according to a report by the Al-Attiyah Energy Foundation.

Meanwhile, spot prices for liquefied natural gas (LNG) in Asia declined after two consecutive weeks of gains, driven by expectations of easing tensions between the United States and Iran, along with weaker demand in Northeast Asian markets.

The average LNG price for June delivery to Northeast Asia fell to around $16.90 per million British thermal units (MMBtu), compared to $17.80 in the previous week.

The report also noted that forecasts of a hotter-than-usual summer could encourage South Korea and Taiwan to return to the spot market to secure additional LNG supplies in the coming months.