Crude Oil Prices Today: Global crude oil prices witnessed a fresh uptick on Friday after diplomatic efforts to resolve the ongoing Iran crisis faced fresh hurdles. Tehran has maintained restrictions on shipping through the strategically vital Strait of Hormuz, while the US Navy continues to intercept Iranian crude oil exports.
By 0149 GMT, the July Brent crude futures contract rose by $1.19, or 1.08 percent, to $111.59 per barrel. West Texas Intermediate (WTI) futures increased by 39 cents, or 0.37 percent, to $105.46 per barrel.
Both major benchmarks have now recorded gains for four consecutive months. The front-month June Brent contract, which expired on Thursday, had climbed to as high as $126.41 per barrel – the highest level since March 2022.
Oil prices began their sharp upward trajectory since late February after the United States and Israel launched military action against Iran. The conflict led to the temporary closure of the Strait of Hormuz, disrupting nearly one-fifth of the world’s oil and liquefied natural gas shipments.
In March alone, Brent crude posted a massive 50 percent surge. Although a ceasefire came into effect on April 8, uncertainties remain high. On Thursday evening, Iranian Foreign Ministry spokesperson Esmail Baghaei told the state-run IRNA news agency that it would be unrealistic to expect quick results from ongoing American talks.
“In my opinion, expecting any outcome in such a short time, regardless of who the mediator is, is not very realistic,” Baghaei was quoted as saying.
Earlier in the day, a senior officer from Iran’s Revolutionary Guards warned that any fresh American attack on Iran would invite “long and painful strikes” on US bases in the region. This statement briefly pushed oil prices to their highest level of the session before they moderated.
A US official separately confirmed to Reuters that President Donald Trump was scheduled to receive a briefing on Thursday regarding a series of new military options against Iran. The objective, according to the briefing, is to pressure Tehran into serious negotiations to end the conflict.
The persistent tension in the Strait of Hormuz has kept global energy markets on edge. The waterway is critical for the movement of a significant portion of the world’s daily oil supply. Any prolonged disruption continues to support higher crude prices despite occasional diplomatic signals.
Analysts note that while a ceasefire is in place, the absence of a comprehensive agreement and continued naval activities in the region are preventing any meaningful de-escalation in oil prices. Market participants are closely watching developments in diplomatic channels as well as physical flows through the strait.
The latest price movement reflects the delicate balance between hopes for dialogue and fears of renewed escalation in West Asia. Energy importers, including India, are monitoring the situation carefully due to its potential impact on import bills and inflation.
