Oil Falls as Trump Extends Deadline for Iran Deal

WTI crude futures fell toward $93 per barrel on Friday, trimming gains from the previous session after President Donald Trump extended the deadline for Tehran to secure a deal or face further attacks by another 10 days. Trump also said Iran had allowed 10 oil tankers to pass through the Strait of Hormuz this week as a “present” to the US, while Treasury Secretary Scott Bessent noted that an insurance program aimed at boosting shipping through the waterway would begin soon. Meanwhile, Iran confirmed it had rejected the US’ 15-point plan to end the war and submitted its own conditions, including recognition of Tehran’s authority over Hormuz. Oil prices remain up roughly 40% since the conflict began, as Tehran forced the effective closure of the narrow waterway through which about a fifth of global energy flows.

WTI crude oil futures rose more than 4% to $94.5 per barrel on Thursday after President Donald Trump issued a fresh warning to Iran to advance peace talks aimed at ending the conflict disrupting global energy supplies. Fighting continues across the Middle East, with Trump urging Tehran to engage seriously “before it is too late” as the White House maintains that discussions are ongoing, though Iran has rejected proposals and set its own conditions. Reports indicate Iran’s parliament is drafting a bill to charge fees for securing ships transiting the Strait of Hormuz, with vessels required to provide detailed clearance information. Trump reiterated that talks are underway and signaled hopes of ending the conflict soon, while the Pentagon has reportedly deployed additional forces to the region, highlighting ongoing tensions despite diplomatic efforts.

WTI crude futures rose above $94 per barrel on Thursday, recovering the previous session’s losses amid conflicting statements from the US and Iran on efforts to end the conflict that has roiled global energy markets. Iran said it has no intention of entering talks with the US and would reject a proposed ceasefire, instead outlining its own conditions including sovereign control over the Strait of Hormuz. Meanwhile, the White House maintained that peace efforts are ongoing, with Washington reportedly sending a 15-point proposal to Iran via Pakistan aimed at resolving the conflict and reopening the critical waterway. The near-closure of Hormuz has severely disrupted global oil flows, resulting in the loss of millions of barrels of daily supply. While some vessels continue to transit under Iranian protection, US allies in the Asia-Pacific, including South Korea, Australia, and the Philippines, are grappling with a worsening fuel shortage.