-- Brent crude futures rose Friday, marking a fifth consecutive day of gains as a deepening diplomatic stalemate between US and Iran over the Strait of Hormuz intensified supply shortage fears and disrupted critical maritime trade routes.
The Brent futures contract gained 1.2% to $106.25 per barrel. Murban closed at $105.95 on April 23 and was not trading as of the time of publishing this oil price update.
The Middle East energy crisis worsened Thursday after Iran released footage of commandos in speedboats storming a large cargo ship.
Media outlets also reported Thursday, citing Iranian media, that several explosions were heard in Tehran and Iranian air defenses were activated as countermeasure.
The maneuver highlighted Tehran's control over the Strait of Hormuz, a primary artery for 20% of the world's oil and gas.
"Oil trades higher for a fifth day, with no apparent end in sight to the Middle East stalemate as the US and Iran continue to block access through the Strait of Hormuz," Saxo Bank analysts said.
President Trump signaled a prolonged standoff, stating he would not set a "timetable" for ending the conflict.
"Don't rush me," Trump posted on Truth Social, emphasizing his intent to hold out for a "great deal" with Tehran.
Saxo Bank analysts warned that even an immediate reopening of the Strait would require several months for global shipping flows to normalize.
This projected delay is already creating acute tightness in diesel and jet fuel markets, they added.
Meanwhile, regional tensions remain high as Israel reportedly warned it is prepared to restart strikes on Iranian targets if diplomatic efforts fail.