WTI crude futures rose about 1% to approach $97 a barrel on Friday, extending weekly gains to roughly 5%, though prices eased from the sharp surges seen in previous sessions. Traders continue to assess the conflict with Iran, with no signs of de-escalation, as well as the effectiveness of the US administration’s efforts to cool energy prices. Washington said it would allow countries to purchase Russian oil currently stranded at sea in an effort to keep a lid on rising energy costs, expanding a temporary waiver granted last week to India. US Treasury Secretary Scott Bessent also called for an international coalition to escort tankers through the Strait of Hormuz “as soon as it is militarily possible”. Earlier in the week, the IEA announced a historic release of 400 million barrels from strategic reserves, though the measure has done little to ease prices. Air strikes in the Middle East continue to disrupt production, while the Strait of Hormuz remains closed.
