Overview
- Brent settled near $105.9 a barrel and WTI at $94.40 at Friday’s close, locking in double-digit weekly gains.
- Iran’s foreign minister said after Islamabad talks that he has yet to see U.S. seriousness, and President Trump said he canceled his envoys’ planned trip, denting hopes for a quick deal.
- Traders pointed to supply fears tied to the war and to constraints in the Strait of Hormuz, a choke point that carries about one-fifth of global oil shipments.
- Goldman Sachs said a lower risk premium, draws on stockpiles, and less spot buying have so far capped a sharper spike in futures prices.
- Analysts warned prices could climb further in May if flows stay tight, with SEB estimating roughly $5 added to the rest-of-year average for each week beyond May 1 and JPMorgan flagging OECD inventories nearing operational lows that could push fuel costs higher.