Oil prices jumped more than 3% on Friday after US President Donald Trump said he was “losing patience” with Iran, reigniting fears over supply disruptions tied to the ongoing conflict around the Strait of Hormuz.
Brent crude rose $3.47, or 3.3%, to $109.19 a barrel by 09:25 GMT, while U.S. West Texas Intermediate climbed $3.72, or 3.7%, to $104.89.
The gains extended a strong weekly rally, with Brent up nearly 8% and WTI close to 10% for the week, as traders reacted to the fragile ceasefire and persistent instability in one of the world’s most important shipping lanes.
Investor anxiety has been building around repeated attacks on vessels and the uncertain status of negotiations aimed at de-escalating tensions in the region.
Trump, speaking after talks with Chinese President Xi Jinping, said both leaders agreed that Iran should not be allowed to develop nuclear weapons and insisted that Tehran must reopen the Strait of Hormuz.
He also warned that his patience with Iran was wearing thin.
Market analysts said the price surge reflects renewed geopolitical risk rather than immediate supply shortages.
“The focus has shifted back to the deadlock and the possibility of a blockaded Strait of Hormuz, which raises the risk of further military escalation,” said Vandana Hari of Vanda Insights.
China’s foreign ministry did not directly respond to Trump’s remarks but reiterated that the conflict “should never have happened” and called for it to end.
Despite the tensions, there were signs of slightly improved maritime movement through the strait. Iran’s Revolutionary Guards said around 30 vessels crossed the waterway within a 24-hour period, up from recent lows but still far below the pre-war average of about 140 ships per day.
Shipping data provider Kpler estimated that roughly 10 vessels passed through in the past day, compared with five to seven daily crossings in recent weeks.
Analysts say the modest increase in traffic has helped sentiment but has done little to ease concerns about long-term stability in global oil flows.
“More ships are getting through, but the market impact is still largely psychological rather than fundamental,” said PVM Oil Associates analyst Tamas Varga.
Oil traders are now watching closely for any further breakdown in talks between Washington and Tehran, as well as signals from Beijing, which remains a key buyer of Iranian crude.
