Oil Prices Retreat after Brent Briefly Hits $119

Global oil prices pulled back on Thursday after sharp earlier gains that briefly pushed Brent crude above $119 per barrel, as geopolitical signals suggesting potential easing of supply disruptions helped calm markets.

Brent crude futures for May delivery closed the session up 1.18 percent at $108.65 per barrel after surging earlier in the day, while U.S. West Texas Intermediate (WTI) crude slipped 0.19 percent to settle at $96.14 per barrel.

In early Friday trading, U.S. crude futures declined further, falling $1.19, or 1.25 percent, to $94.40 per barrel following renewed efforts by U.S. President Donald Trump to expand domestic oil supply.

Latest Oil Prices:

WTI Crude • 93.57 -1.98 -2.07%

Brent Crude • 106.9 -1.79 -1.65%

Murban Crude • 125.1 +1.01 +0.81%

Louisiana Light • 98.51 +3.62 +3.81%

WTI Midland • 100.4 -0.94 -0.93%

Opec Basket • 135.1 +2.19 +1.65%

Mars • 119.3 +3.08 +2.65%

Gasoline • 3.102 -0.025 -0.79%

Natural Gas • 3.126 -0.040 -1.26%

Oil markets reacted to comments by Israeli Prime Minister Benjamin Netanyahu, who said Israel was assisting the United States in efforts to reopen the Strait of Hormuz — a critical global energy shipping route. The remarks helped ease fears of prolonged supply disruptions that had fueled earlier price spikes.

Netanyahu also stated that Iran had lost key capabilities related to uranium enrichment and ballistic missile production, adding that the conflict could end sooner than many analysts anticipate. He said Israel was providing intelligence and additional support to Washington’s efforts to secure maritime passage through the strategic waterway.

U.S. Vice President J.D. Vance participated in a meeting with representatives of the American oil industry hosted by the American Petroleum Institute. API President Mike Sommers emphasized that reopening the Strait of Hormuz remains a top priority for the administration, noting that no viable alternative currently exists.

A White House official also confirmed that restrictions on U.S. oil and gas exports are not under consideration at this time, signaling a continued focus on maintaining global supply flows.

Gas markets also experienced significant volatility. European natural gas prices jumped more than 11 percent to around €61 per megawatt-hour at the Dutch trading hub, while U.S. natural gas prices rose 1.7 percent to $3.116 per million British thermal units.

Meanwhile, April gasoline futures climbed nearly 1 percent to $3.13, marking their highest level in roughly four years.

Qatar confirmed that Iranian missile attacks caused extensive damage to Ras Laffan Industrial City, the world’s largest liquefied natural gas export facility, temporarily reducing approximately 17 percent of its export capacity.

Authorities said fires were brought under control without casualties. Qatar’s Energy Minister Saad Al-Kaabi described the strike as a serious escalation, while the country’s Foreign Ministry condemned the attack as a violation of sovereignty and a threat to regional stability.

The strikes were reportedly carried out in response to an Israeli attack on Iran’s South Pars gas field. Qatar had already suspended liquefied natural gas production at Ras Laffan and Mesaieed earlier this month following drone attacks.

As the world’s second-largest exporter of liquefied natural gas after the United States, Qatar supplies roughly one-fifth of global LNG demand. Escalating tensions now risk deepening supply shocks, particularly as tanker traffic through the Strait of Hormuz, a route responsible for nearly 20 percent of global oil trade, remains disrupted.

Analysts warn that continued instability in the region could sustain volatility across global energy markets and complicate efforts by policymakers to contain inflationary pressures worldwide.