TLDR
- Brent crude rose 1.7% to $106.88/barrel; WTI gained 1.4% to $97.21/barrel on Friday
- Both benchmarks on track for their biggest weekly gain since early March
- The Strait of Hormuz remains near-closed, cutting off roughly one-fifth of global oil supply
- Trump said he was in no rush to reach a permanent deal with Iran, deepening uncertainty
- Goldman Sachs estimates Persian Gulf output is down ~14.5 million barrels/day, over 50% in April
Oil prices climbed sharply on Friday after President Donald Trump said he was in no rush to end the ongoing U.S.-Iran conflict, adding fresh uncertainty to already strained energy markets.
Brent crude futures rose 1.7% to $106.88 a barrel. U.S. West Texas Intermediate added 1.4% to reach $97.21 a barrel. Both benchmarks are on pace for their largest weekly gain since early March.
The moves come as the Strait of Hormuz — a narrow waterway off Iran’s southern coast — remains nearly shut to tanker traffic. Around one-fifth of global oil flows through that corridor.
The strait has been effectively closed for weeks. Major Gulf producers including Saudi Arabia and Qatar have been exploring alternative shipping routes, but none have fully replaced it.
🇺🇸🇮🇷 Trump has ordered the U.S. Navy to fire on any Iranian boats caught laying mines in the Strait of Hormuz.
Iran started mining the Strait back in early March.
Pentagon officials told lawmakers this week it could take up to 6 months to fully clear it after the war ends.
A… https://t.co/XjiZ5ABjyQ pic.twitter.com/SzR1PLdlwr
— Mario Nawfal (@MarioNawfal) April 24, 2026
Iran seized ships attempting to cross the strait this week. U.S. forces also boarded a supertanker carrying Iranian oil in the Indian Ocean as the Navy stepped up its blockade of Iranian ports.
On Thursday, Trump posted on Truth Social that he had ordered the U.S. Navy to “shoot and kill” any Iranian vessels caught laying mines in the strait. Iran, meanwhile, released video of its commandos storming a ship and touted its fast-boat attack capabilities.
Peace Talks at a Standstill
Efforts to revive negotiations remain deadlocked. Two U.S. officials familiar with the matter told Bloomberg that Trump’s social media posts and the ongoing naval blockade have complicated talks being mediated by countries including Pakistan.
Trump told reporters Thursday that he didn’t want to rush into a permanent deal, saying the U.S. had crippled Iran’s military and that the country was in disarray.
A ceasefire between the U.S. and Iran was extended indefinitely earlier in the week, but oil markets found little comfort in that. The Lebanon-Israel ceasefire was also extended by three weeks following talks in Washington.
A U.S.-sanctioned supertanker carrying Iranian oil was spotted apparently attempting to cross the Strait of Hormuz on Friday, with overall tanker traffic through the waterway at a virtual standstill.
Goldman Sees Months of Supply Disruption
Goldman Sachs analysts, including Daan Struyven, said in an April 23 note that Persian Gulf crude production could take “a few months” to mostly recover — and that’s assuming a full reopening of Hormuz and no renewed strikes.
The bank estimates that Gulf output has been cut by roughly 14.5 million barrels per day, accounting for more than 50% of April’s supply from the region.
“Oil is rising more because of the physical supply shock rather than a geopolitical risk premium alone,” said Charu Chanana, chief investment strategist at Saxo Markets. “The war risk may be fading at the margin, but the flow risk has not gone away.”
Mona Yacoubian of the Center for Strategic and International Studies noted the disruption is proving hard to ignore. “The longer this continues, the more it becomes clear that the disruptive effects of this conflict are going to reverberate for months, if not longer,” she said.
Brent was on track for a weekly gain of roughly 17% as of Friday morning.
🚨 Our April Stock Picks Are Live!
A new month means new opportunities. Our analysts have just released their top stock picks for April, highlighting companies with strong momentum that rank highly on our KO Score algorithm. We’re also now sharing trade ideas for both long-term and short-term investors, giving you more ways to spot potential opportunities in the market.
Sign up to Knockout Stocks today and get 50% off to unlock the full list and see which stocks made the cut.
Use coupon code Special50 for your exclusive discount!
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
