Oil Prices Climb Amid Shipping Risks And US-china Strategic Talks, Brent Crude Steadies At $106

New Delhi: Oil prices rose Friday as market concerns persisted over ship attacks and seizures despite Iran saying ​about 30 vessels had passed through the Strait of Hormuz, ‌while the U.S. and Chinese presidents were set for a second day of talks in Beijing.

Brent crude oil futures rose 60 cents, or 0.57%, to $106.32 a barrel ​by 0100 GMT, while U.S. West Texas Intermediate futures were ​up 54 cents, or 0.53%, to $101.71.

A ship was reported seized by ⁠Iranian personnel off the United Arab Emirates and headed for Iranian ​waters on Thursday, while the White House said U.S. President Donald Trump and ​Chinese President Xi Jinping had agreed on the need to keep the nearby Strait of Hormuz shipping lane open.

Also, an Indian cargo vessel carrying livestock from Africa to ​the United Arab Emirates was sunk on Wednesday in waters off the ​coast of Oman.

Iran's Revolutionary Guards said 30 vessels had crossed the Strait of Hormuz since ‌Wednesday ⁠evening, still far short of 140 that were typical daily before the war, but a substantial increase if confirmed

Yang An, analyst at Haitong Futures, said the main driver of oil prices was still tight supply.

"Oil prices ​swung several times ​yesterday but still ⁠closed near the day's high," he said.

“Ships passing through the strait eased some market concerns, but not enough ​to change the strong trend driven by tight supply.” Trump ​and ⁠Xi are set to meet on Friday to wrap up a two-day state visit.

U.S. Trade Representative Jamieson Greer said on Friday morning that China was ⁠being ​very pragmatic about involvement with Iran, and it was ​important to China to have the Strait of Hormuz open, in an interview with Bloomberg.

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