WTI crude futures eased toward $93 per barrel on Friday, paring gains from the previous session after US President Donald Trump expressed confidence about a potential agreement to end the conflict with Iran. Trump said Tehran had accepted terms that include renouncing its pursuit of a nuclear weapon, providing “free oil,” and reopening the Strait of Hormuz, though Iranian officials have not yet confirmed these statements.
Trump also announced a 10-day ceasefire between Israel and Lebanon, which Israeli Prime Minister Benjamin Netanyahu confirmed. Nevertheless, the Strait of Hormuz remains effectively closed due to a dual blockade imposed by both the US and Iran, keeping markets nervous about additional disruptions to global energy supplies.
At the same time, IMF Executive Director Fatih Birol cautioned that restoring a significant share of disrupted oil and gas production could take up to two years.
