Egypt: Oil prices rose on Friday on concerns that renewed Middle East tensions and disruptions in the Strait of Hormuz could tighten global supply. Brent crude futures rose $1.23, or 1.17%, to $106.30 per barrel, while US West Texas Intermediate (WTI) crude gained $1.07, or 1.12%, to $96.92 per barrel.

According to Qatar News Agency, the gains build on a rally of more than 3% for both benchmarks in the previous session, as persistent geopolitical tensions continue to underpin market sentiment and heighten concerns over supply security.