Oil Prices Rise Due To Concern Few Ships Passing Strait of Hormuz

(CNN) Oil prices are up almost 1% today as few vessels are venturing through the critical Strait of Hormuz, despite the current ceasefire between the United States and Iran. It is the second consecutive day of price rises following a 13.3% drop on Wednesday after the truce was announced.

Additional upward pressure on prices comes from attacks on Saudi Arabia’s oil and natural gas facilities, including the crucial East-West Pipeline, reported by state-run Saudi Press Agency.

The report, which cited an anonymous official from the Ministry of Energy, did not state when the attacks took place, but indicated that recent attacks on the kingdom’s energy infrastructure are having a significant impact on the production and transport of oil. Damage to the East-West Pipeline has led to the loss of “approximately 700,000 barrels per day,” while other infrastructure attacks have reduced capacity by a further 600,000 barrels, the agency said.

Around 6 a.m. ET, Brent crude, the global oil benchmark, was 0.9% up on the day at $96.8 a barrel. WTI, the US benchmark, rose by a similar margin to $98.9.

Stock markets were mixed. Most major markets in Asia ended the day in the green. Europe’s main indexes were also slightly higher in morning hours, while US futures were little changed.