Oil prices rose more than 1% in early trading after US President Donald Trump warned he was losing patience with Iran, while fresh concerns over maritime security in the Strait of Hormuz kept traders on edge despite reports of increased vessel movement through the key waterway.
Brent crude futures climbed $1.32, or 1.25%, to $107.04 a barrel, while US West Texas Intermediate gained $1.33, or 1.31%, reaching $102.50. Both benchmarks have posted strong weekly gains, with Brent up nearly 6% and WTI rising more than 7% as uncertainty persists over the fragile ceasefire in the Iran conflict.
“I am not going to be much more patient,” Trump said in an interview broadcast on Fox News. “They should make a deal.” His comments added to market anxiety already heightened by ongoing tensions in the Gulf.
US Trade Representative Jamieson Greer said China was taking a pragmatic approach to Iran and had a strong interest in keeping the Strait of Hormuz open, speaking in an interview with Bloomberg. The comments came as Trump and Chinese President Xi Jinping prepared to meet in Beijing, concluding a high-profile state visit marked by trade discussions and diplomatic signalling.
Despite expectations that the summit could produce progress on regional security, analysts said markets were left disappointed. “With the Beijing summit not delivering any breakthrough on Iran, market focus is back on the deadlock and a blockaded Strait, with a tail risk of renewed military escalation,” said Vandana Hari, founder of Vanda Insights.
Maritime incidents have added to supply concerns. A vessel was reported seized by Iranian personnel near the United Arab Emirates and redirected toward Iranian waters, while an Indian cargo ship carrying livestock from Africa to the UAE was sunk off Oman earlier in the week.
The White House said Trump and Xi agreed on the importance of keeping the Strait of Hormuz open, a vital passage for global energy shipments. Iran’s Revolutionary Guards claimed 30 vessels had passed through the strait since Wednesday evening, a figure still well below normal traffic levels before the conflict, though higher than recent weeks.
Before the war, roughly 140 ships transited the strait daily, underscoring the scale of disruption still facing global supply chains.
Yang An, an analyst at Haitong Futures, said supply conditions remained the dominant driver of prices. “Oil prices swung several times yesterday but still closed near the day’s high,” he said. “Ship movements through the strait eased some concerns, but not enough to offset the strong trend driven by tight supply conditions.”
With geopolitical risk elevated and energy flows still constrained, markets remain highly sensitive to any developments in the Gulf region.
