Crude Oil Hits $100

WTI crude futures held above $95 per barrel on Friday, on track to gain more than 16% for the week as stalled US-Iran peace negotiations and the continued closure of the Strait of Hormuz fueled supply concerns. Reports indicated that President Donald Trump’s Truth Social posts, along with his decision to maintain a naval blockade of Iranian ports, have complicated prospects for renewed negotiations with Tehran. In a post on Thursday, Trump said he had ordered the US Navy to “shoot and kill” vessels laying mines in the strait, while US forces also boarded a supertanker carrying Iranian oil in the Indian Ocean. Meanwhile, the US-Iran ceasefire has been extended indefinitely as Washington awaits a new formal proposal from Tehran, while the truce between Israel and Lebanon has also been prolonged by three weeks. The ongoing disruption has led to a sharp decline in shipments from major Middle Eastern oil and gas producers, substantially tightening global supply.

WTI crude oil futures rose over 4% to around $97 per barrel on Thursday, extending gains for a 4th consecutive session, as Middle East hostilities escalated, the Strait of Hormuz remained closed, and no clear timeline emerged for the resumption of talks. Air defense systems were reportedly activated in parts of Tehran today amid signs of hostile aerial activity. Earlier, US President Trump ordered the US Navy to target any vessels laying mines in the Strait and pledged to intensify efforts to secure the waterway. Ceasefire talks were extended indefinitely as the US awaited a new formal proposal, while the blockade remained in effect. Iran signaled no immediate willingness to negotiate under continued US naval restrictions on its ports. The standoff has already led to US interceptions of Iranian tankers, while Tehran has tightened its control over the Strait of Hormuz. The disruption has curtailed flows from key Gulf producers, further tightening global oil supply.

WTI crude futures climbed to around $94 per barrel on Thursday, extending gains for a 4th consecutive session as tensions between the US and Iran persisted, with both sides locked in a standoff over the Strait of Hormuz. US President Trump ordered the US Navy to target any vessels laying mines in the Strait and pledged to intensify efforts to secure the waterway. Earlier, he extended the ceasefire indefinitely while awaiting a new proposal, even as the blockade remained in place. Iran however, signaled no immediate willingness to negotiate under ongoing US naval restrictions on its ports. The blockade has led the US to intercept Iranian tankers, while Tehran has reinforced its control over the Strait. The conflict has disrupted flows from Gulf producers, tightening global supply. Despite the standoff, demand for US exports has strengthened, supported by declining domestic fuel inventories, as global markets increasingly rely on American supply to offset disruptions in the Middle East.