Brent crude oil futures slipped to $107 per barrel on Friday in choppy trading, after US Treasury Secretary Scott Bessent signaled that Washington may soon lift sanctions on Iranian crude stored on tankers. The move is aimed at easing price pressures following Iran’s closure of the Strait of Hormuz. Israeli Prime Minister Benjamin Netanyahu said Israel is backing US efforts to reopen the critical shipping lane.
Despite the pullback, Brent remains on course for a weekly gain of about 4%, supported by the ongoing conflict in the Middle East, the effective shutdown of the Strait, continued strikes across the region, and analyst warnings that the crisis could escalate further. Iran has pressed ahead with attacks on its Gulf neighbors, even as Netanyahu pledged that Israel would refrain from targeting Iranian energy infrastructure. Meanwhile, President Trump has attempted to reassure markets about the potential impact on global oil and gas supplies.
