Brent crude prices rose at the close of Friday's session as investors engaged in buying activity after previously betting on a price drop. The shift was driven by concerns over potential U.S. military action as President Donald Trump continues to pressure Iran to halt its nuclear weapons development.
اضافة اعلان
Brent crude futures settled at $71.76, up 10 cents (0.14%), while U.S. West Texas Intermediate (WTI) fell slightly by 4 cents (0.06%) to $66.39. Despite the mixed daily performance, both benchmarks achieved weekly gains of more than 5%.
The market remained volatile on Friday as traders monitored the escalating tensions between Iran and the United States. Phil Flynn, an analyst at Price Futures Group, noted that the market is currently "caught between anticipating a conflict and denying its likelihood."
Notably, the oil market appeared to ignore the U.S. Supreme Court ruling that declared Trump’s use of emergency laws to impose tariffs unconstitutional. Flynn suggested that the market believes the tariffs will simply be implemented through alternative legal channels.
Nuclear Deadlines and Market Anxiety
On Thursday, President Trump warned of "grave consequences" if Iran fails to reach a deal regarding its nuclear program within 10 to 15 days. In response, Iranian Foreign Minister Abbas Araghchi expected a counter-proposal draft within days, even as Trump mentioned considering "limited military strikes."
Market experts, including Ole Hansen of Saxo Bank, emphasized that the Strait of Hormuz—through which 20% of global oil supplies pass—remains a critical flashpoint. Any conflict could severely disrupt supplies, leading to further price spikes.
Supply Surplus and OPEC+ Outlook
Despite the geopolitical tensions, prices are also being influenced by fundamental data:
Inventory Drop: The U.S. Energy Information Administration (EIA) reported a 9-million-barrel decrease in crude inventories due to high refinery runs and exports.
OPEC+ Strategy: The alliance is leaning toward resuming production increases starting in April.
Global Surplus: Analysts at J.P. Morgan warned of a significant oil surplus that began in late 2025 and is expected to persist through 2026, suggesting that a production cut of 2 million barrels per day may be necessary by 2027 to prevent a glut.
