Oil Prices Surge over Unresolved Supply Risk
Reflecting unresolved supply risks, oil prices edged slightly higher on Friday, as rising concerns over sustained Middle East tensions overshadowed prospects for de-escalation.
International benchmark Brent crude futures traded at $102.24 per barrel, up around 0.34% from the previous close of $101.89. US benchmark West Texas Intermediate (WTI) increased about 0.26% to $94.73 per barrel, compared with $94.48 in the previous session.
Conflicting statements from Trump and Iranian officials have reinforced expectations that tensions in the region may persist.
US President Donald Trump said he had decided to halt plans targeting Iran’s power plants until April 6 and described negotiations as going “very well,” though Tehran is reportedly “still reluctant” to join proposed negotiations without “certain guarantees,” including keeping missile program off limits and demanding compensation.
Ongoing disruptions to shipments through the Strait of Hormuz continued to fuel concerns over global oil supply. Against this backdrop, continued fragility in energy supply has kept oil prices upward, raising the prospect of intensifying global inflationary pressures.
Experts say efforts to curb oil prices through a combination of rhetoric and policy signals have had a limited impact.
At a cabinet meeting at the White House, Trump said Iran had proposed sending eight oil shipments as a goodwill gesture in talks, which was later increased to 10 tankers passing through the Strait of Hormuz.
He added that Treasury Secretary Scott Bessent would present measures to address rising energy prices, noting prices may increase slightly before easing. Meanwhile, reports suggested the Pentagon is considering deploying an additional 10,000 troops to the Middle East.
According to a report by The Wall Street Journal, the US is preparing military deployment plans while continuing negotiations with Iran. Iran Rejects Trump’s 15-Point Peace Proposal, Makes Demands
