Synopsis
Oil prices soared Friday as efforts to resolve the Iranian conflict stalled, with Tehran blocking the Strait of Hormuz and the U.S. Navy limiting exports of Iranian crude. Brent futures hit $111.59 a barrel and WTI futures hit $105.46, marking four straight months of gains. Tensions intensified with threats of “long and painful strikes” against American positions if the attacks resumed.
AgenciesOil prices rose on Friday. Efforts to resolve the Iranian conflict have stalled. Tehran continues to block the Strait of Hormuz.Oil rose Friday as efforts to resolve the problem Iranian conflict are in an impasse, with Tehran still blocking the Strait of Hormuz and the US Navy block exports of Iranian crude.
Brent crude futures for July rose $1.19, or 1.08%, to $111.59 a barrel at 0149 GMT, while West Texas Intermediate futures were up 39 cents, or 0.37%, at $105.46.
Both benchmarks posted four straight month gains, with the June Brent contract, which expired on Thursday, hitting $126.41 a barrel, the highest since March 2022.
Oil price have been on the rise since late February, when the United States and Israel attacked Iran, leading to the closure of the Strait of Hormuz and disruption of shipments of about a fifth of the world’s oil and liquefied natural gas supplies. Brent saw a 50% increase in March alone.
A ceasefire has been in effect since April 8, but on Thursday evening Iranian Foreign Ministry spokesman Esmaeil Baghaei said it was unreasonable to expect quick results from the U.S. talks, according to the official IRNA news agency.
“Expecting a result in a short period of time, whoever the mediator is, is, in my opinion, not very realistic,” he was quoted as saying.
Earlier in the day, a senior Iranian Revolutionary Guard official threatened “long and painful strikes” on US positions if Washington renewed its attacks on Iran, pushing oil prices to intraday highs before retreating.
US President Donald Trump was due to receive a briefing on Thursday on plans for a series of new military strikes against Iran to force him to negotiate an end to the conflict, a US official told Reuters.
(What’s moving Sensex And Clever Track latest market news, stock market advice, Budget 2025, Equity market on the 2025 budget And expert adviceon AND Markets. Additionally, ETMarkets.com is now on Telegram. For the fastest news alerts on financial markets, investment strategies and stock market alerts, subscribe to our Telegram feeds .)
Subscribe to AND Bonus and read it Electronic document on economic times Online.and Sensex today.
Most trending stocks: SBI share price, Axis Bank share price, HDFC Bank share price, Infosys share price, Wipro stock price, NTPC stock price
…moreless
(You can now subscribe to our ETMarkets WhatsApp Channel)
(What’s moving Sensex And Clever Track latest market news, stock market advice, Budget 2025, Equity market on the 2025 budget And expert adviceon AND Markets. Additionally, ETMarkets.com is now on Telegram. For the fastest news alerts on financial markets, investment strategies and stock market alerts, subscribe to our Telegram feeds .)
Subscribe to AND Bonus and read it Electronic document on economic times Online.and Sensex today.
Most trending stocks: SBI share price, Axis Bank share price, HDFC Bank share price, Infosys share price, Wipro stock price, NTPC stock price
…moreless
