Global oil prices rose on Friday as markets reacted to the lack of progress in resolving tensions involving Iran and ongoing instability around the Strait of Hormuz.
According to Reuters, Brent crude futures for July delivery climbed by $1.04, or 0.94%, to $111.44 per barrel. US West Texas Intermediate (WTI) crude rose by 41 cents, or 0.39%, to $105.48 per barrel.
Both benchmark grades have now been rising for a fourth consecutive month. The June Brent contract, which expired a day earlier, had reached $126.41 per barrel — its highest level since March 2022.
The surge in prices began in late February following strikes by the United States and Israel on Iran. Those developments led to the blocking of the Strait of Hormuz and disruptions to supplies accounting for roughly one-fifth of global oil and liquefied natural gas exports. In March alone, Brent prices increased by approximately 50%.
Despite a ceasefire announced on April 8, Iranian Foreign Ministry spokesperson Esmail Ibrahim said that rapid progress in negotiations with the United States should not be expected. Additional upward pressure on prices came from statements by the Islamic Revolutionary Guard Corps, which warned of possible strikes on US positions in the event of further escalation.
Reuters also reported that Donald Trump was expected to receive a briefing on potential new military actions against Iran, aimed at increasing pressure on Tehran during negotiations.
By Tamilla Hasanova
