Brent crude futures settled at $109.26 per barrel, up $3.54, or 3.35%, while U.S. West Texas Intermediate crude rose $4.25, or 4.2%, to settle at $105.42. For the week, Brent climbed 7.84% and WTI gained 10.48% as uncertainty surrounding the fragile ceasefire and ongoing disruptions in the Strait of Hormuz continued to support prices.
Market sentiment turned more confrontational after both Washington and Tehran signaled that major differences remain unresolved. Iranian Foreign Minister Abbas Araqchi said Tehran has “no trust” in the United States and would only pursue negotiations if Washington demonstrates seriousness. He added that Iran remains prepared both for renewed conflict and for diplomatic solutions.
Meanwhile, President Trump said he was running out of patience with Iran and reiterated that Tehran must not be allowed to develop nuclear weapons and must reopen the Strait of Hormuz.
The strait remains a critical focal point for energy markets, as roughly one-fifth of global oil and liquefied natural gas supplies normally transit the waterway, which serves as the primary export route for major Gulf producers including Saudi Arabia, Iraq, and Qatar.
While China did not directly comment on discussions between Trump and Chinese President Xi Jinping regarding Iran, China’s foreign ministry stated that the conflict “has no reason to continue.”
Trump also said China expressed interest in purchasing more U.S. oil and suggested sanctions on Chinese companies buying Iranian crude could potentially be lifted.
Despite some signs of increased shipping activity, analysts noted that flows through the strait remain severely constrained compared with pre-war levels. Iran’s Revolutionary Guards said 30 vessels crossed the waterway between Wednesday evening and Thursday, still well below the roughly 140 daily crossings seen before the conflict began.
Shipping analytics firm Kpler reported that around 10 ships transited the strait over the past 24 hours, an improvement from the five to seven daily crossings observed in recent weeks.
Even so, analysts warned that the gradual increase in traffic has so far improved sentiment more than actual supply conditions.
Concerns over tightening global inventories also continued to support prices. Analysts noted that strategic petroleum releases and weaker demand have so far helped stabilize markets, but warned that a prolonged disruption in the Strait of Hormuz could eventually lead to refined product shortages and further upward pressure on oil prices.
Additional support came from continued Ukrainian attacks on Russian refining infrastructure, which added to broader concerns over global energy supply stability.