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Global oil prices soared Friday, posting strong weekly gains as tensions between the United States and Iran continued to intensify and the Strait of Hormuz remained effectively closed, fueling fears of a prolonged global energy supply crisis.
Brent crude futures climbed 3.3% to $109.27 per barrel, while U.S. West Texas Intermediate (WTI) crude rose 4.2% to $105.41 per barrel. The sharp rally puts Brent on track for an 8% weekly gain, while WTI is set to rise more than 10% for the week.
Investor concerns deepened after U.S. President Donald Trump signaled growing frustration with Tehran. Trump rejected Iran’s latest response to a U.S. proposal aimed at ending hostilities and warned that his patience was wearing thin. In recent remarks, he reiterated that any agreement must guarantee Iran will not possess nuclear capabilities.
Market sentiment also remained cautious after Trump’s highly anticipated meeting with Chinese President Xi Jinping ended without any major breakthrough regarding the Middle East conflict. Although both leaders reportedly agreed that the Strait of Hormuz must remain open to protect global energy supplies, no concrete actions or diplomatic progress were announced.
The closure of the Strait of Hormuz has become the biggest oil supply disruption in modern history. Nearly 20% of global oil and gas shipments normally pass through the critical waterway. While Iranian state media reported that some vessels recently crossed the route, shipping activity remains far below normal as tanker companies continue to avoid the area due to security risks.
The International Energy Agency warned that global oil markets could remain severely undersupplied through October, even if tensions ease in the coming weeks.
Meanwhile, discussions between the U.S. and China also focused on trade relations, artificial intelligence cooperation, and regional security. Despite optimistic expectations ahead of the summit, investors were left disappointed as no significant trade agreements or geopolitical solutions emerged from the talks.
