Oil Ticks Higher as Gulf Clashes Threaten to Derail Ceasefire

Oil edged higher as traders speculated on whether fresh clashes between the US and Iran would derail a fragile ceasefire, dimming hopes a peace deal may be struck soon.

Brent crude, the global benchmark, rose 1.2% to settle around $101 a barrel, but still notched a weekly drop of about 6%. Renewed fighting in the Persian Gulf rattled markets even as US officials said they expect Iran to respond to its latest proposal to end the war imminently and reopen the vital shipping route, the Strait of Hormuz.