Global oil prices climbed more than one percent in early trading on Friday as investors reacted to renewed geopolitical tensions in the Middle East and fresh comments from U.S. President Donald Trump regarding trade and Iran.
Brent crude futures increased by $1.17, or 1.11%, to reach $106.89 per barrel by 0252 GMT, while U.S. West Texas Intermediate (WTI) crude gained $1.10, or 1.09%, to trade at $102.27 a barrel.
Market sentiment remained heavily influenced by concerns surrounding shipping activity in and around the Strait of Hormuz, one of the world’s most strategically important oil transit routes. Traders continued to monitor developments after reports emerged of ship seizures and attacks in regional waters, despite assurances from Iranian authorities that maritime traffic through the strait had resumed at a noticeable pace.
Iran’s Revolutionary Guards claimed that nearly 30 vessels had crossed the Strait of Hormuz since Wednesday evening. Although the figure remains significantly below the estimated 140 ships that typically passed through the waterway daily before the recent conflict, analysts said the increase helped ease fears of a complete disruption to global energy supplies.
Tensions escalated further after reports that a vessel near the United Arab Emirates had allegedly been seized by Iranian personnel and redirected toward Iranian waters. In another incident, an Indian cargo ship transporting livestock from Africa to the UAE reportedly sank off the coast of Oman, adding to concerns about security risks in the region.
Meanwhile, President Trump said in a television interview that China was interested in purchasing oil from the United States. He also adopted a tougher tone toward Iran, stating that Washington’s patience with Tehran was running thin and urging Iranian leadership to reach an agreement with the U.S.
The remarks came as Trump and Chinese President Xi Jinping prepared to conclude a high-profile two-day state visit focused on trade, economic cooperation, and regional stability. According to the White House, both leaders agreed on the importance of keeping the Strait of Hormuz open to international shipping.
U.S. Trade Representative Jamieson Greer also commented on China’s position regarding the crisis, saying Beijing was taking a “pragmatic” approach toward Iran and recognized the strategic importance of uninterrupted shipping through the strait.
Energy analysts noted that supply concerns continue to dominate oil market sentiment despite occasional signs of easing tensions.
Yang An, an analyst at Haitong Futures, said oil prices experienced sharp fluctuations during the previous trading session but ultimately closed near daily highs due to persistent fears of tight global supply.
According to the analyst, the partial return of shipping activity through the Strait of Hormuz helped calm markets to some extent, but it was insufficient to reverse the broader bullish trend driven by supply risks and geopolitical uncertainty.
