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Iran crude tops $104 per barrel amid smoldering Hormuz tensions
Prices for Iranian crude oil traded above $104 per barrel in global markets, with benchmark oil prices climbing on concerns over tensions involving Iran and uncertainty surrounding shipping through the Strait of Hormuz.
According to the latest data published by OilPrice, Iranian crude grades posted mixed prices across regional markets despite a daily decline of 1.31%.
Iranian Light crude for delivery to northwest Europe was priced at $103.25 per barrel, while Iranian Heavy and Forozan Blend traded at $101.35 and $101.60, respectively.
In the Mediterranean market, Iranian Light crude stood at $102.60 per barrel, while Iranian Heavy and Forozan Blend were priced at $100.45 and $100.70, respectively.
The highest recorded price for Iranian crude was at Egypt’s Sidi Kerir terminal, where Iranian Light reached $104.50 per barrel. Iranian Heavy traded there at $102.35 per barrel, while Forozan Blend was priced at $102.60.
Global oil benchmarks also rose sharply. Brent crude futures climbed $1.27, or 1.2%, to $106.99 a barrel, while US West Texas Intermediate crude gained $1.42, or 1.4%, to $102.59 a barrel.
Brent prices have risen nearly 6% over the past week, while US crude has gained more than 7%, amid uncertainty surrounding a fragile ceasefire linked to the conflict involving Iran and persistent concerns over maritime security in the Strait of Hormuz, a critical artery for global oil shipments.
The gains followed comments by US President Donald Trump, who said in an interview broadcast by Fox News on Thursday night that he would not “be much more patient” with Iran and urged Tehran to sign an agreement.
Despite statements from Tehran that around 30 vessels had recently passed through the Strait of Hormuz, concerns about attacks and ship seizures in the region continued to weigh on markets.
Jamieson Greer told Bloomberg on Friday that China was taking a “very pragmatic” approach toward engagement with Iran and that keeping the Strait of Hormuz open remained critically important for Beijing.
Trump and Chinese President Xi Jinping were expected to meet on Friday to conclude a two-day state visit marked by ceremonial events and trade discussions.
Analysts said the Beijing summit failed to produce significant progress on Iran, prompting markets to refocus on the ongoing impasse and risks surrounding the Strait of Hormuz, including the possibility of renewed military escalation.
Among the market expectations from the summit were signals of stronger energy cooperation between Washington and Beijing. Trump said China had expressed willingness to purchase oil from the United States.