Brent crude rose 0.68% to $89.12 as traders monitored the Strait of Hormuz, where nearly 20% of global oil flows transit amid geopolitical tensions and unreliable vessel tracking data complicating market visibility.
Oil prices fell to pre-war levels in the Middle East due to normalization in the Strait of Hormuz.
Iran and the US agreed to a ceasefire, guaranteeing safe passage through the Strait of Hormuz, a vital oil shipping channel.
Seven OPEC+ members meet Sunday to set production quotas following the UAE's April withdrawal, as the cartel faces 9 million barrels-per-day shortfall from Middle East war disruptions and Iran's Strait of Hormuz blockade, complicating output decisions.
Oil prices jump to nearly $117 after reports of an extended US blockade of Iran.
Iran declared the Strait of Hormuz completely open during a ceasefire, causing Brent crude to plummet over 10 percent to $86 barrel, easing supply shock fears and boosting global equity markets to record highs amid optimism about resolving Middle East tensions.
Energy experts warn that an extended Strait of Hormuz blockade would dramatically spike global oil prices, threatening economic stability since the waterway handles roughly one-third of world's seaborne petroleum trade.
Russia's stock market dropped 3.6% Thursday after fresh U.S. sanctions targeted oil giants Rosneft and Lukoil, with the companies' shares falling sharply amid escalating geopolitical tensions and broader economic pressures.
Strait of Hormuz disruptions challenged global energy market stability, raising oil prices near $87 per barrel while testing whether decades-old assumptions about safe shipping routes remain viable for international energy flows.
Oil prices fell as Iran and the United States continued indirect peace negotiations, with Brent crude dropping to near $96 per barrel amid hopes for a diplomatic breakthrough despite ongoing tensions surrounding the critical Strait of Hormuz.
Iranian drone strikes on Middle Eastern oil infrastructure and tankers in the Strait of Hormuz triggered a 5.8% Brent crude surge above $114 barrel, escalating US-Iran tensions and threatening the April ceasefire amid supply disruption fears.
Seven OPEC+ members meet Sunday to set production quotas following the UAE's withdrawal, which removes a major producer from the cartel amid Middle East tensions and creates uncertainty over the group's market influence.
Donald Trump extended an indefinite US-Iran ceasefire, yet attacks on container ships in the Strait of Hormuz drove Brent crude above $100 for the first time in two weeks, surging 3.48% to $101.91, amid stalled peace negotiations and shipping blockade tensions.
Oil prices plummeted 10% to below $90 per barrel after Iran's foreign minister declared the Strait of Hormuz reopened, signaling potential resolution to a major global energy supply disruption affecting one-fifth of worldwide petroleum flows.
Oil prices surged three to five percent as doubts emerged over Iran-US ceasefire stability and the Strait of Hormuz remained largely paralyzed, threatening regional peace and global petroleum supply chains.
Iran has effectively blocked the Strait of Hormuz, a crucial oil shipping channel, amid the ongoing war, significantly impacting global fuel prices.
West Texas Intermediate crude rose 1.3% to $83 per barrel as traders remained skeptical about imminent Strait of Hormuz reopening despite US-Iran negotiations, with supply disruptions expected reaching 600,000 barrels daily through 2025.
Brent crude fell below $100 per barrel following expectations of a US-Iran agreement to reopen the Strait of Hormuz, a critical global oil trade route, though geopolitical tensions and subsequent US military strikes maintained market volatility.
Iran attacked UAE energy infrastructure, causing Brent crude to surge 5.8% above $114 per barrel amid escalating U.S.-Iran tensions and strait blockade concerns, threatening global oil supply and economic stability.
Oil prices fell following Iran's diplomatic proposal through Pakistan, while US natural gas prices rose due to reduced domestic production and record LNG exports, highlighting how geopolitical tensions and supply dynamics differently impact crude and gas markets.
Oil and gas prices plummeted after Iran agreed to open the Strait of Hormuz during a ceasefire, with Brent crude falling 9.1% to $90 and European natural gas dropping 10%, easing supply disruption concerns from the seven-week US-Iran conflict.
Energy analysts warn that an extended Strait of Hormuz blockade would trigger significant oil price increases, given the waterway's critical role in global petroleum supply chains serving international markets.
Venezuela has large oil and mining potential, but struggles with weak infrastructure and low production due to mismanagement and sanctions.