Accra:Oil prices increased on Friday evening as Hurricane Isaias advanced toward the northern Gulf of Mexico, leading oil companies to halt more than 70% of crude oil production in US waters.

According to National Iraqi News Agency, Brent crude futures closed at $104.72, marking an increase of 44 cents or 0.42%, while US West Texas Intermediate (WTI) crude futures ended at $91.85 per barrel, up 36 cents or 0.39%.

Earlier in the session, crude prices had dipped following comments by US President Donald Trump, who described talks with Iran aimed at ending the Middle East conflict as ‘productive.’ Trump also hinted at a forthcoming announcement regarding diesel and mentioned he was considering suspending the federal gasoline tax.

Market dynamics were further influenced by China’s plans to resume refined fuel exports after a pause during the ‘Golden Week’ holiday. China is the world’s largest oil importer.

Both Brent and WTI crude prices have shown an upward trend on a weekly basis. Market volatility has been driven by escalating threats to shipping routes in the Gulf region and the Strait of Hormuz, a critical waterway that previously managed shipments accounting for about 20% of global oil and fuel supplies before the war.

The oil market is also dealing with the effects of Hurricane Isaias in the Gulf of Mexico. As of last Thursday, producers had shut in around 1.3 million barrels per day, which is equivalent to 62.9% of current oil production, based on data from the US Bureau of Ocean Energy Management.