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Oil prices climbed sharply during early Asian trading on Friday, recovering some of the heavy losses recorded earlier this week as investors closely monitored developments surrounding the ongoing U.S.-Iran negotiations. Despite optimism over diplomatic progress, uncertainty surrounding Iran’s nuclear program and tensions in the Strait of Hormuz continued to support crude prices.
West Texas Intermediate (WTI) crude futures for July delivery surged 1.6% to $94.34 per barrel during the session. However, oil prices were still down more than 6% for the week after earlier comments from U.S. President Donald Trump suggested progress in talks with Iran and a delay in potential military action.
Market sentiment remained volatile as both Washington and Tehran maintained conflicting positions on critical issues. President Trump reiterated that Iran must not be allowed to possess nuclear weapons and emphasized the importance of securing Tehran’s uranium stockpile. Meanwhile, U.S. Secretary of State Marco Rubio criticized Iran’s reported plans to introduce transit tolls in the Strait of Hormuz, warning that such actions could complicate diplomatic efforts.
Although officials acknowledged some advancement in negotiations, traders remained cautious due to ongoing geopolitical risks in the Middle East. Oil supply concerns persisted because shipping activity through the Strait of Hormuz remained limited. The strategic waterway is a vital global energy route, and any disruption could significantly impact worldwide crude oil supplies.
Reports also indicated that Iran may implement additional measures to regulate or charge vessels passing through Hormuz, further heightening market concerns. At the same time, President Trump warned that military strikes against Iran remained possible if diplomatic talks failed to produce meaningful results.
The combination of geopolitical uncertainty, supply disruption fears, and ongoing U.S.-Iran negotiations continues to drive volatility in global oil markets, keeping investors focused on future developments that could shape crude oil prices in the coming weeks.
