Oil prices rise after Iran, US exchange strikes

Global oil prices rose more than 1% on Friday morning following an exchange of strikes between Iran and the US, raising the risk of further escalation of the conflict in the Middle East, Report informs via trading data.

The price of July Brent crude futures rose 1.34% from the previous close to $101.4 per barrel; June WTI futures rose 1.09% to $95.84.

Investors are monitoring developments in the Middle East. Earlier on Friday, Iran's military command stated that the US had violated the ceasefire by attacking several areas of the country. Iran responded to the US ceasefire violation by attacking American ships.