DTN Oil Update
Brent Nears $113 as Iran War Drags Into 2nd Month
SECAUCUS, N.J. (DTN) -- Oil prices rose again Friday, as the Iran war was poised to enter its second month with no immediate end in sight to the conflict that has disrupted about 20% of global petroleum supplies.
The NYMEX WTI crude futures contract for May delivery settled the session up $5.16, or 5.5%, at $99.64 per barrel (bbl).
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Meanwhile, ICE Brent for May delivery closed Friday up $4.56, or 4%, at $112.57 per bbl quarter.
Downstream, NYMEX ULSD futures for April delivery finished up $0.221, or 5%, at $4.4955 per gallon. Front-month NYMEX RBOB advanced by $0.1533, or 5%, at $3.2501 gallon. It gained 6% for the week.
Escalating military rhetoric from Iran and Israel overshadowed a temporary pause in planned U.S. strikes on Iranian energy infrastructure and Pentagon consideration of sending thousands of additional U.S. troops to the Middle East.
A senior Iranian official was reported to have said that Tehran had yet to decide on whether to respond to a U.S. peace proposal due to continued attacks on its industrial and nuclear infrastructure.
U.S. crude benchmark WTI rose above the $100-per-bbl market on Friday, while Brent approached to $113, as Iran threatened attacks on steel plants across the Middle East and Israel. Tehran also cautioned U.S.-linked and Israel-allied industrial and heavy industry firms to leave the region. Israeli Defense Minister Israel Katz stated that Israeli attacks on Iran "will escalate and expand."
Crude prices eased in Thursday's after-hours trade as U.S. President Donald Trump announced a 10-day moratorium on U.S. strikes against Iranian energy targets.
The hostilities in the Middle East continue as the Strait of Hormuz remained blockaded by Iran since the start of the conflict on Feb. 27, shuttering flows of 20 million barrels per day in global petroleum.