US EditionOil Closes Above $100 for Second Day as Market Shrugs Off U.S. Measures to Reduce Prices During Iran War
Oil prices remain elevated despite a record 400 million barrel emergency release by the International Energy Agency amid ongoing U.S.-Iran conflict disrupting key shipping routes.
- On Friday, Brent crude held above $100 as the U.S.-Iran war heads toward its third week, with futures trading at $101.15 a barrel by 5:40 a.m. ET.
- Traffic through the Strait of Hormuz has fallen, forcing tankers such as the Callisto tanker to anchor at Port Sultan Qaboos, Muscat, Oman, after foreign ships were struck by ammunition.
- U.S. West Texas Intermediate futures traded at $95.87 with a 0.1% rise, set for a 5.8% weekly gain, while Brent futures surged more than 9% this week after a 27.9% jump last week.
- President Donald Trump signalled the fight may continue, tempering hopes of a quick end, as he hinted the conflict was not ending soon and Mojtaba Khamenei vowed to keep fighting on state television.
- On Friday, Barclays' Emmanuel Cau said investors are jittery, and Amjad Bseisu warned, 'I think this will be probably longer and harder as a crisis than before, and probably something we need to just watch out for the downsides rather than the upsides'.
25 Articles
25 Articles
U.S. President Donald Trump warned this Friday that he has “unmatched firepower, unlimited ammunition, and a lot of time” ahead of him to fight the “demented scum” led by Iran, in the war he started with Israel. “See what’s happening to this insane scum today. They’ve been killing innocent people all over the world for 47 years and now, like 47th President of the United States of America, I’m killing them. What a great honor it is to do it!” Tru…
Energy markets remain tense, with oil holding above $100 as the conflict between the US, Israel and Iran escalates and shipping in the Strait of Hormuz remains restricted.
Tension with conflict impact in the Middle East takes Brent contract for May at the largest closing level since 2022; dollar jumps more than 1%, R$ 5.24
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