FX.co ★ Crude Oil Set to Extend Gains

Crude oil prices are poised to climb again when markets reopen after the weekend, following a brief pullback below $95 a barrel on Friday as hopes for a swift reopening of the Strait of Hormuz once again faded. Iran’s foreign minister departed Pakistan on Sunday without meeting U.S. officials, after President Trump ordered a halt to negotiations. WTI crude jumped 13% last week—its strongest weekly advance since early March—as the crucial shipping corridor remains largely shut. The ongoing U.S. naval blockade continues to constrain Iranian crude exports and stands as a major barrier to any diplomatic breakthrough. Analysts caution that even if the strait is reopened, it could take months for oil flows to return to normal levels, keeping supplies tight and sustaining pressure on global energy markets.