New Delhi: Oil prices rose more than 1% on Friday as US President Donald Trump warned Iran to make a deal, adding fresh uncertainty to an already fragile
ceasefire. Brent crude futures rose $1.32, or 1.25%, to $107.04 a barrel, while US West Texas Intermediate futures climbed $1.33, or 1.31%, to $102.50.
For the week, Brent has climbed nearly 6% and WTI has jumped more than 7%, driven by persistent uncertainty over the shaky ceasefire in the Iran conflict.
Trump warns Iran, markets react
In an interview with Fox News, Trump said, “I am not going to be much more patient. They should make a deal.” The remarks rattled energy markets already on edge over the fragile state of ceasefire negotiations. Trump and Chinese President Xi Jinping are also set to wrap up a two-day state visit on Friday, with Trump saying China is open to buying more US oil. The White House said both leaders agreed on the need to keep the Strait of Hormuz shipping lane open.
Ship attacks and seizures around Strait of Hormuz
Concerns over maritime safety in the region persisted. A ship was reported seized by Iranian personnel off the United Arab Emirates and headed for Iranian waters on Thursday, while an Indian cargo vessel was sunk on Wednesday in waters off the coast of Oman. US Trade Representative Jamieson Greer said on Friday that China was being “very pragmatic” about its involvement with Iran and that keeping the Strait of Hormuz open was important to Beijing.
Iran claims 30 vessels crossed Hormuz
Iran’s Revolutionary Guards said 30 vessels had crossed the Strait of Hormuz since Wednesday evening, a substantial increase if confirmed, but still far short of the 140 vessels that typically passed through daily before the war began. Energy markets remain cautious as the situation continues to evolve with no clear resolution in sight.
