WTI crude futures slipped toward $93 per barrel on Friday, paring gains from the previous session after President Donald Trump extended by 10 days the deadline for Tehran to reach an agreement or face further attacks. Trump also said Iran had allowed 10 oil tankers to transit the Strait of Hormuz this week as a “present” to the United States, while Treasury Secretary Scott Bessent indicated that a new insurance program designed to encourage more shipping through the waterway would be launched soon.
At the same time, Iran confirmed it had rejected Washington’s 15-point proposal to end the war and had put forward its own conditions, including formal recognition of Tehran’s authority over the Strait of Hormuz. Despite the latest pullback, oil prices remain roughly 40% higher since the conflict began, after Tehran effectively shut down the narrow chokepoint, which handles around one-fifth of global energy trade.
