Brent crude, the global benchmark, fell 10%, to $89.20 per barrel. WTI, the US benchmark, sank 10.5% to $81.50 per barrel. Oil prices traded at their lowest levels in five weeks.
“In line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire,” Iranian Foreign Minister Seyed Abbas Araghchi wrote in a post on X…
The Nasdaq Composite has gained 12 days in a row, its longest winning streak since 2009. A gain today would put the index at its longest winning streak since 1992.
Oil prices climbed during Asian trading on Friday, driven by growing concerns over a prolonged U.S.-Iran conflict and ongoing disruptions in the Strait of Hormuz. Market sentiment remains tense after U.S. President Donald Trump stated he is in no hurry to reach a resolution with Iran, fueling uncertainty in global crude supply.
Brent crude futures rose 1.1% to $106.27 per barrel, while West Texas Intermediate (WTI) crude increased 1% to $96.83 per barrel. Both benchmarks are on track for significant weekly gains, rising between 15% and 18%, as geopolitical risks continue to impact the oil market outlook.
Crude prices saw a sharp increase earlier this week following reports of airstrikes targeting areas in and around Iran. Additional pressure came after news that Iran’s lead negotiator in Pakistan-mediated talks with Washington had stepped down, signaling further complications in diplomatic efforts. President Trump reiterated that while he is open to negotiations, he does not intend to rush into an agreement, though he dismissed the possibility of using nuclear weapons.
There’s some slight hope that Trump will be able to reinstate the nuclear enrichment deal (JCPOA) he sabotaged in 2018 but with much more favorable terms to Iran and a larger monetary deal.
The US doesn’t have the cards. Iran now controls the Straits and has the luxury of patience.