Brent Crude Oil is up by 5%

Brent Crude Oil increased 5% to 113.41 USD/Bbl

Brent crude futures rose past $111 per barrel on Friday, resting their highest level since June 2022 as fresh disruptions in the Strait of Hormuz overshadowed diplomatic gestures. While President Trump extended the strike deadline for Iranian energy infrastructure to April 6 market skepticism remains high following reports that the Pentagon is considering the deployment of 10,000 additional US troops. Tensions escalated further as Iran's Islamic Revolutionary Guard Corps announced a harsh response to any movement through the waterway after turning away two Chinese ships and seeing a Thai-flagged cargo ship run aground. Although earlier reports noted a brief passage of ten tankers the effective closure of the narrow passage continues to choke a fifth of global energy flows and keeps WTI prices up 40% since the onset of the conflict. Investors now weigh the impact of potential ground conflict against the promised insurance programs intended to support future shipping.

Brent crude futures rose toward $111 per barrel on Friday, near the highest since June 2022, amid skepticism that the US and Iran could reach a deal to end the war soon. Reports indicate the Pentagon is considering sending up to 10,000 additional ground troops to the Middle East, while Iran is said to be mobilizing over 1 million troops in response. Meanwhile, President Donald Trump extended the deadline for a planned strike on Iranian energy infrastructure to April 6 to allow for negotiations, saying talks with Tehran were going “very well.” Trump also noted that Iran had allowed 10 oil tankers to pass through the Strait of Hormuz this week as a gesture of goodwill, while Treasury Secretary Scott Bessent said an insurance program to support shipping through the waterway would begin soon. Brent prices remain up roughly 50% since the conflict began, as Tehran effectively closed the narrow waterway through which about a fifth of global energy flows.