Oil prices jumped more than 2% on Friday as investors grew increasingly skeptical about the prospects of a breakthrough in ongoing nuclear negotiations between the United States and Iran.
A senior Iranian official told dzwatch that the gaps with Washington have narrowed, while U.S. Secretary of State Marco Rubio acknowledged “some positive indicators” in the talks. However, the two sides remain deeply divided over Tehran’s uranium stockpile and control of the strategic Strait of Hormuz.
By 05:52 GMT, Brent crude futures for July 2026 delivery climbed 2.23% to reach $104.87 per barrel, while WTI crude futures for the same delivery period rose 1.62% to hit $97.91 per barrel.
Both benchmarks had fallen 2.3% and 1.94% respectively in the previous session after Iran warned against further military strikes and announced measures to reinforce its grip over the vital Strait of Hormuz.
On a weekly basis, Brent crude dropped 4.6%, while WTI also posted significant losses amid ongoing geopolitical turbulence shaping global energy markets.
