WTI Crude Oil Surges to $97 per Barrel, Up 17% This Week Amid U.S.-Iran Tensions

According to reports, WTI crude oil futures climbed to near $97 per barrel on Friday, with weekly gains exceeding 17%, driven by stalled U.S.-Iran peace negotiations and ongoing Hormuz Strait closures that have intensified supply concerns. President Trump’s decision to maintain maritime blockades on Iranian ports and his orders for the U.S. Navy to target vessels laying mines in the Hormuz Strait have further complicated diplomatic prospects. The U.S. military also boarded a supertanker carrying Iranian oil in the Indian Ocean. Meanwhile, the U.S.-Iran ceasefire agreement has been indefinitely extended as Washington awaits Tehran’s formal proposal, while the Israel-Lebanon ceasefire was extended by three weeks.