WTI crude futures edged lower toward $92 per barrel on Friday, pulling back after a 3.7% surge in the previous session, as President Donald Trump struck an optimistic tone about the prospects for a lasting US-Iran ceasefire. Trump said Tehran had agreed to key terms, including reopening the Strait of Hormuz, though Iranian officials have not confirmed this. According to US officials, a comprehensive agreement could take up to six months to finalize, and there are growing calls to extend the current truce.
The conflict, now approaching 50 days, has unleashed a significant supply shock, with Iranian export restrictions and a US naval blockade reducing shipments through the Strait of Hormuz to a trickle. Trump said a deal could be reached soon but indicated that negotiations could be extended if necessary. At the same time, a 10-day ceasefire between Israel and Lebanon may help ease broader regional tensions.
The disruptions have already reshaped global trade flows. US crude exports have surged to near-record levels as buyers in Europe and Asia seek alternatives to Middle Eastern supplies, pushing the United States close to net-exporter status for the first time since World War II.
