Key Takeaways

• Prices stay elevated: Brent crude futures for July rose 0.4% to $110.87/barrel; WTI for June held flat at $105.20.
• Four-year high: The expiring June Brent contract hit over $126 per barrel on Thursday — the highest since the 2022 Russia-Ukraine crisis.
• Trump weighs strikes: The president is considering options ranging from forcibly reopening Hormuz, launching new strikes on Iran, to seizing enriched uranium via special forces.
• Blockade stays put: Trump signaled the U.S. naval blockade will remain firmly in place, betting that economic pressure will eventually force Iran to deal.
• Iran defiant: Supreme Leader Mojtaba Khamenei vowed in a rare statement that Iran will maintain control over Hormuz and safeguard its nuclear and missile interests.
• Diplomatic deadlock: Despite the indefinite ceasefire, attempts at brokering U.S.-Iran talks have largely collapsed.
• Two-month mark passed: The conflict has now stretched beyond two months with no resolution in sight.

Oil prices climbed in Asian trading on Friday following a turbulent end to April, with concerns over persistent disruptions in Middle East supplies from a prolonged U.S.-Iran war keeping crude prices largely supported.

Brent oil futures for July rose 0.4% to $110.87 per barrel by 00:58 ET (04:58 GMT). Brent’s June contract expired on Thursday after touching a four-year high of more than $126 per barrel.

West Texas Intermediate crude futures for June were flat at $105.20 per barrel.

Crude Hits 2022 Highs on Escalation Fears

Crude prices had surged sharply on Thursday, reaching their loftiest levels since the 2022 Russia-Ukraine crisis after reports emerged that U.S. President Donald Trump was weighing additional military options against Iran.

The options under consideration ranged from forcibly reopening the Strait of Hormuz, launching fresh strikes against Iran, and seizing Iran’s enriched uranium through a special forces operation.

In the meantime, Trump signaled that the U.S. naval blockade of Iran will remain firmly in place, with the president having previously expressed hope that mounting economic pressure will eventually push Tehran toward a deal.

Iran’s Supreme Leader Strikes Defiant Tone

Iran’s Supreme Leader, Mojtaba Khamenei, said in a rare statement on Thursday that Iran will maintain control over the Strait of Hormuz, and that Tehran will also safeguard its nuclear and missile interests.

His statement struck a defiant note toward the United States, signaling little prospect for immediate de-escalation in the conflict, which has now crossed the two-month mark.

While Trump has extended a ceasefire with Iran indefinitely, efforts to broker talks between the two sides have largely fallen flat, underscoring an entrenched deadlock in the Middle East.