Brent crude futures climbed about 1% on Friday to approach $101 a barrel, extending weekly gains to roughly 8%, though the rally has moderated from the sharp jumps seen earlier in the week. Markets remain focused on the escalating conflict involving Iran, with no signs of de‑escalation, as well as on the effectiveness of US efforts to curb energy prices.
Washington announced it would allow countries to purchase Russian oil currently stranded at sea in an effort to contain rising energy costs, broadening a temporary waiver granted last week to India. US Treasury Secretary Scott Bessent also urged the formation of an international coalition to escort tankers through the Strait of Hormuz “as soon as it is militarily possible.”
Earlier this week, the IEA unveiled a historic release of 400 million barrels from strategic reserves, but the move has so far done little to relieve upward pressure on prices. Ongoing air strikes in the Middle East continue to disrupt production, while the Strait of Hormuz remains closed.
