WTI crude futures rose toward $97 per barrel on Friday, putting them on track for a weekly gain of more than 17%, as stalled US-Iran peace talks and the ongoing closure of the Strait of Hormuz intensified supply concerns. Market anxiety was heightened by reports that President Donald Trump’s posts on Truth Social, along with his decision to maintain a naval blockade of Iranian ports, have complicated prospects for restarting negotiations with Tehran. On Thursday, Trump said he had ordered the US Navy to “shoot and kill” vessels laying mines in the strait, and US forces subsequently boarded a supertanker carrying Iranian oil in the Indian Ocean.
At the same time, the US-Iran ceasefire has been extended indefinitely as Washington awaits a new formal proposal from Tehran, while the truce between Israel and Lebanon has been prolonged by three weeks. These developments have contributed to a pronounced drop in shipments from key Middle Eastern oil and gas exporters, significantly tightening global supplies.
