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Oil prices climbed more than 1% on Friday after renewed clashes between the United States and Iran raised fears over global energy supply disruptions and weakened hopes for a lasting ceasefire in the Strait of Hormuz. The vital shipping route remains one of the world’s most important oil and gas transit corridors, handling nearly 20% of global energy flows before the recent conflict intensified.
Brent crude futures gained $1.41, or 1.41%, reaching $101.47 per barrel, while U.S. West Texas Intermediate (WTI) crude rose $1.12, or 1.18%, to trade at $95.93 per barrel. Earlier in the trading session, both benchmarks surged more than 3% as investors reacted to escalating geopolitical tensions in the Middle East.
The latest rise in oil prices ended a three-day decline driven by speculation that Washington and Tehran were nearing an agreement to ease hostilities and reopen the Strait of Hormuz. However, renewed military exchanges between the two nations quickly reversed market sentiment. Iran accused the U.S. of breaching a month-long ceasefire, while Washington claimed its strikes were defensive actions after Iranian forces allegedly fired on U.S. naval vessels passing through the strait.
Iranian military officials also stated that U.S. attacks targeted an Iranian oil tanker, another vessel, and civilian areas near the strategic waterway. Despite the escalating conflict, U.S. President Donald Trump maintained that the ceasefire agreement remained active.
Analysts warn that oil market volatility could continue as uncertainty surrounding the region grows. IG market analyst Tony Sycamore noted that global crude supply conditions remain tight, adding that a comprehensive peace agreement still appears distant.
Meanwhile, the U.S. Commodity Futures Trading Commission is reportedly investigating $7 billion worth of oil trades linked to major Iran-related announcements made by President Trump. According to Reuters, many of the trades involved short positions placed before statements that caused crude prices to fall sharply.
