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Oil prices climbed on Friday as geopolitical tensions in the Middle East continued to unsettle global energy markets. Efforts to resolve the ongoing conflict involving Iran remain stalled, with Tehran maintaining its blockade of the Strait of Hormuz while the U.S. Navy restricts Iranian crude exports. This standoff has intensified concerns over global supply, pushing crude benchmarks higher.
Brent crude futures for July delivery increased by $1.04, or 0.94%, reaching $111.44 per barrel in early trading. Meanwhile, West Texas Intermediate (WTI) crude rose 41 cents, or 0.39%, to $105.48 per barrel. Both benchmarks have now recorded gains for four consecutive months, reflecting sustained upward momentum driven by supply risks. Notably, Brent’s June contract, which expired বৃহস্পতিবার, surged to $126.41 per barrel—its highest level since March 2022.
The surge in oil prices began in late February following military action by the United States and Israel against Iran. The resulting closure of the Strait of Hormuz—a critical route for approximately 20% of global oil and liquefied natural gas shipments—has significantly disrupted energy flows. In March alone, Brent crude prices jumped by around 50%, underscoring the market’s sensitivity to geopolitical instability.
Although a ceasefire has been in place since April 8, diplomatic progress appears limited. Iranian Foreign Ministry spokesperson Esmaeil Baghaei indicated that swift negotiations are unlikely, emphasizing the complexity of reaching an agreement regardless of mediation efforts. His remarks, reported by IRNA, dampened hopes for a quick resolution.
Tensions escalated further after a senior Revolutionary Guards official warned of prolonged and severe retaliation against U.S. forces if hostilities resume. This statement briefly pushed oil prices to intraday highs before easing slightly. Adding to market uncertainty, reports suggest that U.S. President Donald Trump is considering new military strikes aimed at pressuring Iran into negotiations.
With the Strait of Hormuz still restricted and geopolitical risks persisting, oil markets remain volatile. Investors continue to monitor developments closely, as any escalation or diplomatic breakthrough could significantly impact global oil prices and energy supply chains.
