Oil saw an increase on Friday as efforts to resolve the Iran conflict reached an impasse, with Tehran persisting in its obstruction of the Strait of Hormuz while the U.S. Navy hindered the export of Iranian crude. Brent crude futures for July rose by $1.19, marking an increase of 1.08%, and reached $111.59 a barrel by 0149. In contrast, West Texas Intermediate futures experienced a gain of 39 cents, or 0.37%, concluding at $105.46.

Both benchmarks have experienced gains for four consecutive months, with Brent’s June contract, which expired on Thursday, achieving $126.41 a barrel, marking the highest level since March 2022. Oil prices have shown a rising trend since late February, in the wake of military actions undertaken by the U.S. and Israel against Iran. The escalation resulted in the closure of the Strait of Hormuz, which notably disrupted the flow of around one-fifth of the global oil and liquefied natural gas supply.

Brent saw a significant rise of 50% during the month of March alone. A ceasefire has been in effect since April 8; however, on Thursday evening, Iranian Foreign Ministry spokesman Esmaeil Baghaei remarked that it was unrealistic to anticipate swift outcomes from discussions with the U.S., as reported. “In my view, anticipating a swift outcome, irrespective of the mediator involved, is rather unrealistic,” he stated.

Earlier in the day, a senior official of Iran’s Revolutionary Guards issued a warning of “long and painful strikes” on U.S. positions should Washington resume its attacks on Iran, which resulted in a surge in oil prices to intraday highs before subsequently experiencing a decline. The President of the United States, Donald Trump, was scheduled to receive a briefing on Thursday concerning plans for a series of new military strikes on Iran, intended to pressure the nation into negotiations aimed at resolving the ongoing conflict, as reported.