Oil Prices Near $100 as Iran Ceasefire Uncertainty Fuels Supply Concerns

Oil prices climbed toward the $100 mark in early Asian trading on Friday, as markets reacted to renewed regional tensions and mounting doubts over the durability of the Iran ceasefire.

U.S. benchmark West Texas Intermediate (WTI) rose 1.33% to $99.17 per barrel, while Brent crude gained 0.92% to reach $96.80, reflecting growing market anxiety over potential supply disruptions.

Latest Oil Prices:

WTI Crude $98.08 +0.21 +0.21%

Brent Crude $96.30 +0.38 +0.40%

Murban Crude $99.62 +1.98 +2.03%

Natural Gas $2.663 -0.007 -0.26%

Gasoline $3.001 0.000 0.01%

Heating Oil $3.964 +0.027 +0.69%

WTI Midland $102.5 +3.54 +3.58%

Opec Basket $107.0 -17.12 -13.79%

Indian Basket $115.5 -20.11 -14.83%

On the supply front, Saudi Arabia confirmed that recent attacks have reduced its oil production capacity by approximately 600,000 barrels per day, while flows through the East-West pipeline have declined by around 700,000 barrels per day. The kingdom also reported the death of a Saudi national following strikes on its energy infrastructure.

In Kuwait, authorities disclosed a new wave of drone attacks targeting critical facilities, further heightening concerns about regional energy security. Meanwhile, Iran has denied launching any missiles since the ceasefire took effect.

Uncertainty surrounding the ceasefire continues to weigh heavily on market sentiment. Benjamin Netanyahu stated that no ceasefire exists in Lebanon, despite the start of direct peace talks with the Lebanese government. His remarks followed a series of attacks across Lebanon that reportedly left more than 300 people dead, according to local health authorities.

At the same time, tensions between United States and Iran remain elevated. Donald Trump criticized Tehran’s handling of oil transit through the Strait, calling it inconsistent with the agreed terms.

Iranian President Masoud Pezeshkian, on his part, accused Israel of violating ceasefire conditions through its military actions in Lebanon.

Shipping activity through the Strait of Hormuz remains limited, with only a small number of vessels transiting since the ceasefire began, undermining expectations of a swift recovery in global oil supply.

Pakistan is set to host peace talks this weekend, though analysts remain skeptical about the prospects for a lasting agreement, given ongoing disputes over Lebanon, tanker transit fees, and nuclear enrichment.

For oil traders, sentiment continues to drive sharp price movements. However, analysts note that upward pressure on prices is likely to persist until oil production and flows stabilize across the region.