Oil prices moved slightly higher on Friday as tensions between theUnited States and Iranescalated once again, making traders nervous about fresh disruptions in global energy supplies. The rebound in oil markets came after sharp losses earlier this week, when hopes of a diplomatic breakthrough between Washington and Tehran had briefly eased concerns over supply disruptions through the Strait of Hormuz.
West Texas Intermediate (WTI) crude rose nearly 2% to $96.66 a barrel after earlier gaining more than 3%. Brent crude, the global benchmark, was trading at $101.6 a barrel, up 1.52% as of 7:05 am IST.
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The latest jump in prices followed fresh military action in the Middle East. The US military said on Thursday that it had carried out retaliatory strikes on Iranian-linked targets after attacks on American forces in the region. Iran responded by accusing Washington of violating the ceasefire agreement. Tehran claimed that US forces targeted two ships in the Strait of Hormuz and also struck civilian areas.
Just a few days ago, however, markets were moving in the opposite direction. On Wednesday, oil prices fell sharply while global stock markets gained after reports suggested the United States and Iran were close to reaching an understanding that could reopen the Strait of Hormuz for oil shipments.
Brent crude, which had climbed above $115 per barrel earlier this week, dropped 7.8% to $101.27. Prices even briefly slipped below $97 before recovering again after US President Donald Trump warned he would launch bombing “at a much higher level and intensity” if Iran rejected his proposed agreement.
The Strait of Hormuz remains at the centre of global market concerns. The narrow waterway is one of the world’s most important oil routes, carrying nearly 20% of global energy supplies. Ongoing conflict in the region has severely disrupted tanker movement, raising fears of tighter oil supplies, higher fuel prices and rising inflation worldwide. Any agreement that reopens the passage is expected to ease pressure on global markets.
At the same time, questions are also being raised about suspicious trading activity linked to recent oil price swings. According to Reuters, trades worth up to $7 billion were placed across oil and fuel markets during March and April ahead of major Iran-related announcements by President Donald Trump.
The amount is far higher than the previously reported $2.6 billion and has sparked concerns over the possible misuse of sensitive information. Reuters reported in April that the US Commodity Futures Trading Commission is examining the trades, citing a person familiar with the matter, although the regulator has not officially confirmed any investigation.
Tensions in the Middle East have remained high since the US and Israel carried out joint strikes on Iran on February 28. In response, Tehran tightened control around the Strait of Hormuz, further increasing concerns over global oil supplies and energy security.
Source: India Latest News, Breaking News Today, Top News Headlines | Times Now
