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(RTTNews) - Partly offsetting the losses from three consecutive sessions, crude oil prices have inched higher on Friday as Middle East tensions renewed after the exchange of fire between the U.S. and Iran. Iran is delaying its response to a U.S. peace proposal to end the war, adding to the uncertainty.
WTI Crude Oil for June month delivery was last seen trading up by $0.36 (or 0.36%) at $95.17 per barrel.
In the ongoing U.S.-Iran war that began on February 28, while a ceasefire announced by the U.S. is still in place, a short exchange of firing took place in the gulf between the U.S. and Iran.
U.S. Central Command stated that its forces intercepted "unprovoked Iranian attacks" and counter-attacked in self-defense.
Though U.S. President Donald Trump downplayed this incident and reaffirmed that the ceasefire is still in place, concerns of re-escalation started growing.
Hours after this incident, the United Arab Emirates stated that it responded to another series of missile attacks from Iran. The air defenses of the U.A.E. engaged two ballistic missiles and three drones launched by Iran.
Days before, the U.S. offered Iran a proposal to end the war. According to the plan, the U.S. should end the war while Iran should reopen the Strait of Hormuz, and then over a 30-day period, both nations should arrive at a framework for planning the course of future negotiations to resolve their disputes.
U.S. Secretary of State Marco Rubio stated that the U.S. is expecting a formal response from Iran by today.
Soon after the war broke out on February 28, Iran shut the Strait of Hormuz for all ship transits. Within a few days, Trump ordered the U.S. navy stationed near Iran to halt all ships attempting to enter or exit Iranian ports. These twin blockades led to severe crude oil and energy supply disruption.
U.S. Energy Secretary Chris Wright announced that Iran has cut oil production by nearly 400,000 barrels per day as the U.S. blockade crippled its exports, forcing them to ramp down production.
Days before, Trump had warned that the U.S. would restart bombing Iran if it declines to reach an agreement with the U.S.
In his latest post through Truth Social, Trump stated that the U.S. will knock down Iran more violently if it fails to reach a deal and urged Iran to sign the deal "fast."
CNN reported yesterday that in an attempt to formalize its control over the Strait of Hormuz, Iran's Islamic Revolutionary Guard Corps has launched a protocol for all ships transiting via the strait according to which they are expected to submit their answers to a 40-page questionnaire, failing which the ships may face attacks.
So far, the White House has not responded to Iran's move, which has added to concerns of escalation.
On the jobs front, hiring in the U.S. was nearly double what economists had anticipated.
The U.S. Bureau of Labor Statistics data today revealed that the economy added 115,000 jobs in April with major job gains occurring in health care (37,000), transportation and warehousing (30,000), and retail trade (22,000) sectors.
The unemployment rate stood at 4.30% in April, in line with market expectations.
The number of unemployed rose by 134,000 to 7,370,000, while total employment fell by 226,000 to 162,620,000.
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