Oil prices resumed their rise on Friday, amid a new escalation in the conflict in the Middle East, which has jeopardized a ceasefire between the US and Iran and dampened hopes for an early reopening of the Strait of Hormuz.

Brent oil futures for July delivery rose $1.29, or 1.29 percent, to $101.35 a barrel on the ICE Futures exchange in London. On Thursday, Brent had fallen $1.21, or 1.2 percent, to $100.06 a barrel.

WTI oil futures for June delivery rose $1.05, or 1.1 percent, to $95.86 per barrel on the New York Mercantile Exchange's (NYMEX) online trading. It had dropped $0.27, or 0.28 percent, to $94.81 per barrel in Thursday’s trading.

The drop in oil prices had reached $5 per barrel Thursday, thanks to signals that the US and Iran were moving closer to resolving the conflict.