WTI crude futures climbed about 1% on Friday to trade near $97 per barrel, extending weekly gains to roughly 5%, though the pace of the rally has moderated compared with earlier in the week. Markets remain focused on the escalating conflict involving Iran, with no clear signs of de‑escalation, and on the effectiveness of US efforts to contain energy prices.
In a bid to curb rising energy costs, Washington announced it would allow countries to purchase Russian oil currently stranded at sea, 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 in the week, the IEA unveiled a historic release of 400 million barrels from strategic reserves, but the move has so far done little to temper prices. Ongoing air strikes in the Middle East continue to disrupt production, while the Strait of Hormuz remains closed, further tightening supply conditions.
