A consistent theme in global oil markets since the US and Israel attacked Iran is that the effective closure of the Strait of Hormuz will be short-lived, and therefore so will the disruption to the supply of crude and refined products.

The American Apparel and Footwear Association (AAFA), along with several other organisations, has urged the United States Trade Representative (USTR), the US government’s chief trade body, not to impose any new tariffs on countries currently under investigation over production capacity.

Indian officials called for the swift implementation of a proposed regional energy hub in Sri Lanka, at the start of bilateral talks in Colombo on Sunday.

The dollar index was at 98.30, hovering near its highest in a week

Brent crude futures LCOc1 rose about 6% to $95.36 a barrel. S&P 500 futures ESc1 fell around 0.6% and European futures STXEc1 fell 1.2%.

The safe-haven US dollar dropped ​to multi-week lows on Friday as risk appetite soared after Iran said the Strait of Hormuz is open, boosting optimism that the Middle East ‌conflict is winding down.

It will take about two years to recover the energy ​output lost in the Middle East from the ‌conflict there, Fatih Birol, the head of the International Energy Agency, was quoted as saying on Friday in an interview with ​the Neue Zuercher Zeitung newspaper.

Shipments of oil ​and gas that were already en route to their destinations before ‌the ⁠war in Iran began have now arrived, mitigating the impact of shortages

Countries in East Asia and Sub-Saharan Africa are among the countries most affected now -- and who could suffer the most -- outside the region, as the conflict stretches on

Iran has taken a beating militarily, but demonstrated it can exact economic costs that Trump and his aides underestimated, unleashing the worst-ever global energy shock, analysts say.

US fertilizer buyers are redirecting shipments out of the country, as higher overseas prices give them an incentive to divert critical supplies, a fertilizer ​analyst said.

Gold prices extended gains on Friday, supported by a ‌weaker dollar and comments from Iran’s foreign minister that passage through the Strait of Hormuz remains open during the ceasefire, which pushed oil prices lower and eased some inflation concerns.

The situation in Iran comes just four years after Russia's invasion of Ukraine triggered an energy shock

Brent crude futures settled down $9.01, or 9.07%, to $90.38 a barrel

Losses follow a healthy, record-breaking week for equities

Oil prices rose over 1 percent on Thursday, reversing earlier declines as the market questioned ‌whether peace talks between the US and Iran would achieve a deal to end the war that has disrupted energy supplies from the Middle East.

The cut-off rate was Tk 122.75 per US dollar

R. Ramanan says no proposal involving Bestinet has been submitted to Cabinet

"We must brace for tough times ahead" if the conflict persists, she told reporters

Brent crude futures were up 9 cents to $95.02 a barrel at 0427 GMT