Oil Prices Edge Higher After Drone Attack Targeting Kuwait Oil Refinery

(RTTNews) - Oil prices edged higher on Friday, reversing early losses as the Iranian campaign against Gulf Arab states broadened.

Drones have struck Kuwait's largest oil refinery for the second day, leading to a fire and forced shut down at several units of the oil facility.

State oil firm KPC said its Mina Al-Ahmadi oil refinery was hit by multiple drone attacks, causing massive fire in some units. The facility processes about 730,000 barrels of oil per day.

The United Arab Emirates also reported a "missile threat" early in the morning as Muslims began celebrating the Eid al-Fitr holiday.

Benchmark Brent crude futures traded up 0.9 percent at $109.62 a barrel while WTI crude futures for May delivery were little changed at $95.54.

Israel and Iran have launched fresh attacks on each other today, a day after U.S. President Donald Trump warned Israel against further attacks on an Iranian offshore gas field shared with Qatar.

Oil headed for another weekly gain as ongoing strikes across the Middle East region triggered near-complete closure of the Strait of Hormuz.

Leaders of the United Kingdom, France, Germany, Italy, the Netherlands, Japan and Canada have signaled their readiness to support efforts to ensure safe passage through the world's most vital oil transit point.

The U.S. is weighing lifting sanctions on some Iranian oil that's on the water in the coming days, Treasury Secretary Scott Bessent said in an interview with Fox Business Network.

Israel announced it would stop targeting Iran's energy infrastructure while Trump asserted that he had no plans to commit ground forces to the U.S.-Israeli war in Iran.