Brent Crude Oil traded above 85 USD/Bbl

Brent crude futures fell about 2% to around $83.5 per barrel on Friday, paring gains from the previous session after the Trump administration signaled it is considering several options to address the surge in oil and gasoline prices amid the war in Iran. Potential measures include releasing crude from US emergency reserves, granting waivers on fuel-blending requirements, and the US Treasury trading oil futures. Still, oil prices have jumped nearly 20% this week, putting them on track for the largest weekly advance since 2022 as the Middle East conflict disrupted global energy flows by effectively halting shipments through the Strait of Hormuz. US President Donald Trump said he should have a role in selecting Iran’s next leader, while Israel has continued conducting airstrikes on Tehran. Meanwhile, Iranian Foreign Minister Abbas Araghchi denied reports that Iran had requested a ceasefire and signaled no willingness to enter negotiations.

Brent Crude Oil rose above 85, according to trading on a contract for difference (CFD).

Brent crude oil futures jumped more than 5% to above $85 per barrel on Thursday, approaching its highest level since July 2024, as the Middle East conflict disrupts global oil supplies. China’s government has ordered its major refiners to halt diesel and gasoline exports amid rising tensions in the Persian Gulf. Concerns over further escalation around Iran and ongoing regional instability have kept investors on edge, while shipping through the Strait of Hormuz, a critical chokepoint, has been disrupted. Efforts to ease market worries, including proposals for vessel insurance and naval escorts, have so far failed to calm investors, who are closely monitoring developments for signs of a prolonged conflict. Meanwhile, EIA data showed US crude inventories rose by 3.5 million barrels to 439.3 million, well above expectations, providing a buffer against potential supply shocks.