Oil prices moved higher on Friday as the war between the United States and Iran showed no signs of easing, with key energy routes still disrupted and diplomatic efforts stuck in deadlock. The continued closure of the Strait of Hormuz and restrictions on Iranian crude exports have kept global markets on edge.
Brent crude futures for July climbed 1.04 dollars, or 0.94%, to 111.44 dollars a barrel in early trading. West Texas Intermediate rose 41 cents, or 0.39%, to 105.48 dollars a barrel. Both benchmarks have now recorded gains for four consecutive months, reflecting sustained uncertainty in global supply.
The most recent June Brent contract, which expired on Thursday, briefly surged to 126.41 dollars a barrel, its highest level since March 2022. Prices have been under pressure since late February, when US and Israeli strikes on Iran escalated into a wider conflict that led to the closure of the Strait of Hormuz, a critical route for global energy shipments. Roughly one-fifth of the world’s oil and liquefied natural gas passes through the waterway.
A ceasefire has been in place since April 8, but tensions remain high. Iranian Foreign Ministry spokesman Esmaeil Baghaei said expectations of a swift diplomatic breakthrough were unrealistic, according to Iran’s state news agency IRNA. He said negotiations would take time regardless of mediation efforts.
Military rhetoric has also kept markets tense. A senior figure in Iran’s Revolutionary Guards warned of “long and painful strikes” against US positions if hostilities resume. The statement briefly pushed oil prices to intraday highs before they eased slightly.
US President Donald Trump was also due to receive a briefing on potential new military options targeting Iran, according to a US official cited by Reuters. The plans are reportedly aimed at increasing pressure on Tehran to return to negotiations over ending the conflict.
Despite the ceasefire, Iran continues to restrict movement through the Strait of Hormuz, while US naval forces maintain a blockade on Iranian oil exports. These conditions have left global energy flows constrained and contributed to sustained price volatility.
With talks stalled and military risks still present, traders remain focused on the possibility of further escalation in the Gulf, a region central to global energy stability.
