KEY POINTS
- Global oil prices rose more than 3% after U.S. President Donald Trump said he was losing patience with Iran.
- Brent and WTI crude recorded strong weekly gains amid fears of supply disruptions around the Strait of Hormuz.
- Market concerns grew over rising geopolitical tensions and reduced shipping activity in key oil transit routes.
Global oil prices surged on Friday, rising more than 3%, after comments by U.S. President Donald Trump signaled growing frustration with Iran, raising fresh fears over potential disruptions to global crude supply.
Brent crude futures climbed by $3.47, or 3.3%, to $109.19 per barrel, while U.S. West Texas Intermediate (WTI) rose $3.72, or 3.7%, to $104.89, as of early trading in London.
The rally pushed Brent up 7.8% for the week, while WTI recorded a 9.9% gain, reflecting heightened market anxiety over geopolitical instability and energy supply risks.
The price spike followed remarks by U.S. President Donald Trump after discussions with Chinese President Xi Jinping, where he stated that Iran must not be allowed to develop nuclear weapons and suggested he was running out of patience with Tehran.
His comments added to concerns over ongoing tensions in the Middle East, particularly around shipping routes critical to global oil transport.
Analysts say the market is increasingly reacting to fears of renewed escalation rather than fundamentals alone.
Strait of Hormuz Under Watch
Attention has also shifted to the Strait of Hormuz, a key global shipping corridor through which a significant portion of the world’s oil supply passes.
Reports indicate fluctuating vessel traffic through the waterway, with Iranian sources claiming increased movement, though still below pre-conflict levels.
Shipping data firms noted that vessel crossings remain unstable, reflecting lingering risks to global supply chains.
Market analysts warn that any disruption in this region could quickly tighten global oil supply and push prices even higher.
Energy market experts say the latest price movement is being driven more by sentiment and uncertainty than by immediate supply shortages.
According to market observers, traders are closely watching diplomatic developments involving the United States, Iran, and China, as any escalation could have significant consequences for global energy flows.
There is also growing attention on broader negotiations and military tensions that could affect shipping safety in the region.
With Brent and WTI both recording strong weekly gains, analysts expect continued volatility in global oil markets.
Traders are now closely monitoring political developments, especially any further statements from U.S. and Iranian leadership, as well as activity in key maritime routes.
Market watchers say oil prices are likely to remain sensitive to geopolitical news in the coming weeks as uncertainty around the Strait of Hormuz persists.
