FX.co ★ Brent Near Multi-Year High as Iran Risks Weigh on Holiday Mood

Brent crude oil futures hovered near $109 a barrel on Friday as traders priced in elevated Middle East risk heading into the holiday weekend. In a Wednesday night address, U.S. President Donald Trump said U.S. military objectives would be completed “very shortly,” but warned that Iran would be hit “extremely hard” in the coming weeks, keeping uncertainty high. The absence of a clear timeline has dimmed hopes for a swift resolution of the conflict and a quick reopening of the Strait of Hormuz, a critical chokepoint for global oil flows. Separately, the UK is convening a virtual meeting of representatives from 35 nations to consider options for restoring safe passage through the strait. In Russia, attacks on port infrastructure, pipelines, and refineries have cut export capacity by about 1 million barrels per day, roughly one-fifth of total capacity. Meanwhile, OPEC+ is scheduled to review potential output increases on Sunday, although any significant production boost is unlikely until the strait is fully reopened.