Overview
- Global crude prices climbed Friday, with Brent closing at $112.57 and WTI at $99.64, levels last seen in 2022.
- Mexico's export blend finished at $100.10, its highest since July 4, 2022, according to Pemex.
- Traders pointed to the conflict involving the United States, Israel and Iran and fresh signs of danger at the Strait of Hormuz, including two Chinese tankers turning back after Iran gave no safety assurances.
- President Donald Trump announced a 10-day pause on planned strikes to April 6, yet reported navigation fears persisted and kept a supply premium in place.
- Macquarie and BlackRock warned prices could reach $150 to $200 per barrel if Hormuz shuts or Gulf output falls, a risk that matters because the strait carries about one-fifth of the world's oil.