Brent Rebounds to $110, Set for Over 7% Weekly Gain

Brent crude oil futures climbed back toward $110 per barrel on Friday, the highest since mid 2022, as markets remained highly sensitive to escalating tensions in the Middle East. Iran continued attacks across the region despite signals from Israel that it would avoid targeting energy infrastructure, while both sides exchanged fresh strikes, including in Tehran. Brent is heading for a weekly gain of more than 7%, with the Strait of Hormuz largely closed and disruptions deepening as the conflict enters its third week. Supply risks intensified after refinery outages in Kuwait and missile interceptions in Saudi Arabia. Efforts to ease prices include potential US moves to lift sanctions on Iranian oil and release reserves, though volatility remains elevated.

Brent crude futures fell toward $108 per barrel on Friday after surging above $113 in the previous session, as easing supply concerns helped calm markets. Leaders from the UK, France, Germany, Italy, the Netherlands, Japan, and Canada signaled their willingness to support efforts to ensure safe passage through the Strait of Hormuz. US President Donald Trump also said Washington is not considering deploying ground troops in the region, while Treasury Secretary Scott Bessent suggested Iran’s regime could face internal collapse and indicated the US is exploring lifting sanctions on Iranian oil. Israeli Prime Minister Benjamin Netanyahu also stated that Israel would refrain from further attacks on Iranian energy infrastructure. Despite the pullback, WTI futures remain up about 40% since the start of the conflict, as disruptions have effectively shut the Strait of Hormuz and forced major regional producers to sharply reduce output.

Brent crude futures fell below $107 per barrel on Friday after surging to nearly $120 in the previous session, as recent remarks from the US and Israel helped ease concerns over further damage to Middle Eastern energy infrastructure. US President Donald Trump said Washington is not considering deploying ground troops in the region, while Treasury Secretary Scott Bessent suggested Iran’s regime could face internal collapse and noted that the US is exploring the removal of sanctions on Iranian oil. Meanwhile, Israeli Prime Minister Benjamin Netanyahu said Israel would refrain from additional attacks on Iranian energy facilities and that the war could end sooner than expected, noting Iran’s reduced capacity to enrich uranium or produce ballistic missiles. Despite the pullback, Brent futures remain up almost 50% since the start of the conflict, as the disruption has effectively shut the Strait of Hormuz and forced major regional producers to sharply curb output.