Oil prices climbed nearly 2% on Wednesday as renewed US airstrikes on Iran and fresh sanctions on Tehran's oil exports reignited concerns over supplies from the Middle East after attacks on commercial vessels in the Strait of Hormuz.
Oil prices rose more than 4% at settlement on Friday, hitting their highest levels in over a month amid the ongoing Middle East conflict. Brent Crude futures surged by $3.87 (4.59%) to settle at $88.10 a barrel, while US West Texas Intermediate futures surged by 4.48% to $82.49.
Oil prices settled lower on Friday after the latest round of US-Iran fighting as traders grew hopeful that shipping would eventually resume in the Strait of Hormuz, but prices finished with sharp weekly gains. Brent crude futures fell by 29 cents to close at $76.01 a barrel.
Oil prices rose on Friday, but Brent crude remained on track for a weekly loss of nearly 8% amid continued market volatility. Brent crude futures soared to $80.38 a barrel, while US West Texas Intermediate (WTI) crude rose 1.2% to $77.54 a barrel.
Global oil prices declined during Friday's trading session, reaching their lowest levels since early March. Kuwait's crude oil too fell by 6.1% to $94.84 per barrel on Friday, down from $101.04 per barrel the previous day, according to data from Kuwait Petroleum Corporation (KPC).
Oil prices climbed more than 2% on Monday as investors reassessed expectations for a breakthrough in US-Iran negotiations, with renewed regional tensions highlighting the fragility of efforts to secure a broader peace agreement and restore stability to Middle East energy supplies.
Oil prices extended their rally on Friday as geopolitical tensions around Strait of Hormuz remained unresolved, with both Iran and the United States showing no signs of de-escalation.
Oil prices rose on Thursday after Iran’s Islamic Revolutionary Guard Corps claimed that shipping through the Strait of Hormuz was stopped following what it said was an Israeli ceasefire violation in Lebanon.
Goldman Sachs has lowered its second-quarter 2026 oil price forecasts to $90 for Brent and $87 a barrel for US WTI, down from previous forecasts of $99 and $91.
Oil prices continued to climb on Thursday with no sign of easing, as markets priced in a prolonged supply squeeze from the Middle East following stalled negotiations and firm signals from Donald Trump that the blockade on Iran will remain in place.
