West Texas Intermediate (WTI) oil price rises over 10% after two days of losses, trading around $103.80 per barrel during the Asian hours on Friday. Crude oil prices surged as markets reassessed the scale of supply risks stemming from the ongoing conflict in the Persian Gulf.
US President Donald Trump offered no clarity on steps toward reopening the Strait of Hormuz, warning of intensified military action over the next two to three weeks and issuing strong threats against Iran. Trump also pointed to the destruction of a bridge in Tehran, signaling further escalation while urging Iran to reach a deal before it is too late.
In response, Iran’s Foreign Minister Abbas Araghchi said recent US strikes on civilian infrastructure would not force a retreat, describing them instead as evidence of an opponent in disarray and moral decline.
However, oil prices briefly eased following reports that Iran and Oman are working on a protocol to monitor transit through the Strait of Hormuz, but optimism faded quickly. Iranian official Kazem Gharibabadi stated that tanker movements through the vital route should be supervised and coordinated by both countries, according to IRNA.
Meanwhile, the United Kingdom (UK) is hosting discussions with multiple countries to secure the passage, while OPEC+ is weighing a potential output increase, though any additional supply is unlikely to affect markets in the near term.
