Oil prices fell Friday as expectation that the United States and Iran will head to the negotiation table again to resolve the Middle East conflict cooled a market that had rallied big on the week.

Oil and product futures softened Thursday morning, retreating from the highs reached earlier in the session on reports the U.S. is considering new strikes on Iran.

Oil prices jumped 8% Wednesday, driving Brent crude to a 2026 high of nearly $120 bbl, as the U.S. reportedly mulled resuming attacks against Iran after a month of diplomatic efforts that failed to end the conflict and reopen the Strait of Hormuz to petroleum cargoes.

Oil futures continued to rise Wednesday morning amid signs the energy supply disruption in the Persian Gulf is set to drag on, sending front-month Brent futures to their highest since March 31.

Energy markets rallied again Tuesday as continued holdup of tanker traffic on the Strait of Hormuz and a Trump administration crackdown on Chinese refineries buying Iranian oil drove U.S. crude above $100 bbl.

Crude oil futures jumped more than $3 bbl Tuesday morning as efforts to end the U.S.-Iran war have stalled.

Global crude benchmark Brent inched towards $110 bbl on Monday as the Middle East crisis entered its second month, with the United States and Iran remaining at odds over a solution that would reopen the Strait of Hormuz to a fifth of world petroleum supply.