Key Takeaways

• Friday rebound: Brent crude jumped 1.5% to $104.12 per barrel, while WTI rose 1% to $93.84.
• Brutal weekly loss: Both contracts fell 4-7% this week on Iran peace deal optimism.
• Draft deal reported: Reports on Thursday said the U.S. and Iran had reached a final draft peace agreement — though neither side confirmed.
• Trump’s timeline: The president declared the war in its “final stages” and postponed a planned military attack.
• Iran reviewing U.S. position: Tehran confirmed it was examining Washington’s latest peace terms.
• Strike threat remains: Trump said he’s ready to order strikes if negotiations don’t yield progress.
• Uranium standoff: Trump reiterated his demand to seize Iran’s uranium stockpile; Khamenei reportedly banned it from leaving the country.
• Hormuz still shuttered: Oil flows through the strait remain scant, keeping global supply pressure intact.
• Iran toll plan rebuked: Washington has rejected Iran’s plans to charge transit fees through Hormuz.
• Still up 50-70% from pre-war: Despite the weekly selloff, oil prices remain dramatically elevated from pre-conflict levels.
• Asia hardest hit: Asian markets remain the most impacted by the Hormuz outage.
• U.S. ramps exports: Washington has boosted crude sales abroad to help fill the global supply gap.
• Russia waiver extended: The U.S. extended the sanctions waiver on seaborne Russian oil to ease supply disruptions.

Oil prices rose during Asian trading on Friday, rebounding from recent losses as markets awaited more signs of progress toward a U.S.-Iran peace deal.

Upbeat comments from U.S. officials on peace talks with Iran had seen oil prices nursing deep losses for the week.

But crude still remained relatively strong, as the Strait of Hormuz remained closed and as the United States and Iran still remained at odds over key issues — chiefly Tehran’s nuclear activities.

Brent oil futures for July jumped 1.5% to $104.12 a barrel by 00:11 ET (04:11 GMT), while West Texas Intermediate crude futures rose 1% to $93.84 per barrel.

Oil Down 4-7% This Week Amid Iran Peace Hopes

Brent and WTI futures were down between 4% and 7% this week, coming under pressure from upbeat comments on U.S.-Iran peace talks.

Earlier this week, Trump said he had postponed a planned military attack on Iran and flagged progress in negotiations with Tehran. Trump’s comments were a major weight on oil prices, as markets looked ahead to a potential end to the Iran war.

Trump later said the Iran war was in its “final stages.” Separately, Iran also said it was reviewing the U.S.’ latest position on a peace deal.

Reports on Thursday said that the U.S. and Iran had reached a final draft for a peace agreement, although neither side confirmed such a development.

Key Sticking Points Remain

But oil flows through the Strait of Hormuz remained scant, keeping global supplies largely pressured. Iran was also seen preparing measures to collect tolls for transit through Hormuz — a notion that U.S. officials have largely rebuked.

The United States and Iran struck opposing stances over Iran’s uranium stockpile and plans to control the Strait of Hormuz. U.S. President Donald Trump on Thursday reiterated the need to seize Iran’s uranium stockpile, arguing that the country could not be allowed to have a nuclear weapon.

Trump also said that he was ready to order strikes against Iran if ongoing negotiations did not yield any progress.

Prices Still Dramatically Elevated

Despite oil’s losses this week, prices were still trading up between 50% and 70% from pre-war levels, as disruptions in Hormuz knocked out roughly 20% of the world’s oil supplies.

Asian markets were especially impacted by the Hormuz outage, while the United States has been ramping up its exports to fill the supply gap.

Washington earlier this week extended a sanctions waiver on seaborne Russian oil to help soothe supply disruptions.