Oil markets closed the week on a tense and bullish footing as President Donald Trump’s growing frustration with Iran added fresh pressure to global energy trade, pushing crude prices sharply higher amid fears of disruption in supply routes through the Strait of Hormuz.
As at the start of the week, Brent crude opened at $105.5 per barrel, while West Texas Intermediate (WTI) traded around $100.0 per barrel, reflecting an already elevated risk premium in the market. Closing the week today prices had strengthened significantly, with Brent crude rising to $107.5 per barrel, up 1.64 per cent, while WTI climbed to $103.2 per barrel, gaining 2.05 per cent. Overall, both benchmarks recorded a weekly gain of about 6 per cent, driven largely by geopolitical tensions in the Middle East.
The rally reflected renewed concern among traders over the stability of crude supply routes, particularly through the Strait of Hormuz, one of the world’s most critical oil chokepoints. Market sentiment was further shaped by Trump’s latest remarks, where he warned that his administration was running out of patience with Iran over the ongoing standoff affecting oil shipments through the strategic waterway.
“I am not going to be much more patient. They should make a deal,” Trump said during an interview with Fox News.
Although Iranian authorities disclosed that about 30 vessels had passed through the Strait of Hormuz since Wednesday, traders noted that traffic remains significantly below normal levels. Before tensions escalated, the corridor typically handled around 140 vessels daily.
Hopes that diplomatic engagement between Trump and Chinese President Xi Jinping in Beijing could ease tensions have also weakened, after no meaningful breakthrough emerged from the discussions.
Analysts warned that prolonged uncertainty around the Strait of Hormuz could tighten global supply conditions, accelerate inventory drawdowns, and keep oil prices elevated in the coming weeks.
The Strait of Hormuz remains a critical artery for global energy flows, with major import-dependent economies such as China, Japan, and India relying heavily on crude shipments passing through the route.