Mumbai, May 8 -- Oil prices edged higher on Friday as renewed tensions between the US and Iran revived supply concerns and pushed traders back toward caution. The rebound partially reversed this week's sharp decline, which had been driven by hopes of a diplomatic breakthrough and the possible reopening of the Strait of Hormuz. WTI crude rose 0.9% to $95.72 per barrel, while Brent crude gained 1.2% to trade near $101.2 per barrel. Supporting prices further, the latest EIA report showed U.S. commercial crude inventories fell by 2.3 million barrels, signaling tighter supply conditions.
Published by HT Digital Content Services with permission from Capital Market....