Oil prices rose by more than 3% on Friday as renewed geopolitical tensions between the United States and Iran weakened hopes of a diplomatic breakthrough over attacks and ship seizures near the Strait of Hormuz.
Brent crude futures settled at $109.26 per barrel, up $3.54 or 3.35%, while U.S. West Texas Intermediate (WTI) crude finished at $105.42 per barrel, rising $4.25 or 4.2%.
For the week, Brent recorded a gain of 7.84% and WTI surged 10.48%, driven by uncertainty surrounding the fragile ceasefire linked to the ongoing Iran conflict and concerns over global supply disruptions.
Market analysts noted that tensions between Washington and Tehran have become increasingly confrontational, reducing expectations of a swift resolution to reopen key shipping routes in the region.
Iranian Foreign Minister Abbas Araqchi stated that Iran has “no trust” in the United States but remains open to negotiations if Washington shows seriousness, while also warning that Tehran is prepared to resume fighting if necessary.
U.S. President Donald Trump said patience with Iran is running out and stressed that both the U.S. and China agree that Iran must not develop nuclear weapons and that the Strait of Hormuz must remain open.
The Strait of Hormuz, a critical global oil transit route, normally carries about one-fifth of the world’s oil and liquefied natural gas exports, making it highly sensitive to any disruption.
Market observers warned that even partial disruptions are already affecting sentiment, with shipping activity fluctuating as vessel movements gradually increase but remain below pre-conflict levels.
Analysts also highlighted that global oil inventories are tightening, leaving limited buffers against supply shocks, which could increase price volatility if the situation escalates further.
Despite some vessels resuming transit through the strait, experts say the market remains focused on geopolitical risks and the possibility of renewed military escalation, keeping upward pressure on oil prices in the near term.
