Crude Oil: Oil prices rise as traders expect Middle East conflict to continue impacting supply

Oil prices rise as traders expect the Middle East conflict to continue and further disrupt energy markets.

Global benchmark Brent rose 4.2% after erasing earlier losses, closing above $112 per barrel; WTI closed above $99 per barrel.

U.S. President Donald Trump postponed the deadline for striking Iran’s energy infrastructure by 10 days.

U.S. Secretary of State Marco Rubio told CNN that the U.S. has not yet received a response from Iran regarding the Trump administration’s 15-point plan for a ceasefire negotiation.

The conflict in Iran has nearly completely closed the Strait of Hormuz, a crucial energy transport route for the global economy that has been severely hindered.

Despite discussions on the possibility of a ceasefire continuing on Friday, the U.S. and Israel attacked Iranian nuclear facilities, and Iran launched retaliatory actions in the Persian Gulf region.

Recently, liquidity in the crude oil market has decreased as traders, fatigued by intense news dynamics, chose to stand on the sidelines, exacerbating price volatility.

Darrell Fletcher, Managing Director of Commodities at Bannockburn Capital Markets, stated that even if the conflict ends quickly, it will be difficult to eliminate widespread physical damage and geopolitical impacts.

WTI crude oil for May rose 5.2%, closing at $99.64 per barrel;

Brent crude oil for May rose 4.2%, closing at $112.57 per barrel.

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Editor: Ding Wenwu