Key Moments
- Brent crude rose 79 cents, or 1.24%, to $64.55 a barrel by 1151 GMT, extending its push toward a fourth straight weekly gain.
- U.S. West Texas Intermediate climbed 74 cents, or 1.25%, to $59.93, after both benchmarks hit multi-month highs earlier this week.
- Analysts continue to flag geopolitical risks tied to Iran and the Strait of Hormuz, even as U.S. strike fears ease.
Prices Firm as Geopolitical Concerns Persist
Oil futures edged higher on Friday. Traders remained focused on potential supply disruptions. However, the perceived risk of direct U.S. military action against Iran has eased.
Brent crude was up 79 cents, or 1.24%, at $64.55 a barrel by 1151 GMT. As a result, the benchmark stayed on track for a fourth consecutive weekly gain. Meanwhile, U.S. West Texas Intermediate rose 74 cents, or 1.25%, to $59.93.
| Contract | Price | Move | Percentage Change | Time (GMT) |
|---|---|---|---|---|
| Brent crude | $64.55 | +$0.79 | +1.24% | 1151 |
| U.S. WTI | $59.93 | +$0.74 | +1.25% | 1151 |
Earlier in the week, both benchmarks touched multi-month highs. This followed escalating protests in Iran and comments from U.S. President Donald Trump that raised concerns over possible military action.
Iran Tensions and Strait of Hormuz Risks
Late on Thursday, Trump said Tehran’s response to protests appeared to be easing. As a result, fears of imminent military confrontation declined. This helped calm concerns about disruptions to crude flows.
Nevertheless, analysts at Commerzbank stressed that risks remain elevated. They highlighted the Strait of Hormuz as a key chokepoint for global energy shipments.
“Above all, there are worries about a possible blockade of the Strait of Hormuz by Iran in the event of escalation,” the bank said. Around a quarter of global seaborne oil supplies pass through the waterway.
However, they added that if tensions continue to ease, attention could shift elsewhere. In particular, Venezuela may return to focus as previously sanctioned oil gradually re-enters global markets.
Supply Outlook and Price Range Expectations
Beyond geopolitics, analysts see supply dynamics limiting further upside. Rising output later in the year could cap how much political risk feeds into prices.
“Despite the steady flow of geopolitical headlines, the underlying balance still points to ample supply,” said Phillip Nova analyst Priyanka Sachdeva.
Therefore, a sustained breakout may prove difficult. Sachdeva noted that without stronger demand from major consumers or a clear physical bottleneck, prices may remain range-bound. Brent, she said, is likely to hover between $57 and $67.
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