Rabat – Oil prices are still ascending, with Brent and US crude poised for strong weekly gains, as tensions in the Middle East overshadowed international measures aimed at easing supply strains.
Brent futures for May rose 88 cents to $101.34 a barrel, marking a weekly increase of around 9%. US West Texas Intermediate (WTI) for April gained 26 cents to $95.99, on track for a 6% rise for the week.
Efforts to stabilize the market included a 30-day US license allowing the sale of Russian oil stranded at sea, a move Treasury Secretary Scott Bessent described as necessary to calm markets disrupted by the US-Israeli war against Iran.
Yet analysts have questioned the impact. “These barrels were already headed to buyers,” said Bjarne Schieldrop, chief commodities analyst at SEB. “The real worry is lasting damage to oil infrastructure, which would reduce supply for the long term.”
The announcement followed the US Energy Department’s plan to release 172 million barrels from its Strategic Petroleum Reserve, coordinated with the International Energy Agency’s record release of 400 million barrels.
Initial relief proved short-lived as the war in the Middle East intensified.
In his first public statement since his appointment as Iran’s new Supreme Leader, Ayatollah Mojtaba Khamenei declared on Thursday that Tehran would maintain closure of the Strait of Hormuz to leverage its position against the US and Israel.
Meanwhile, two fuel tankers in Iraqi waters suffered attacks by explosives-laden Iranian boats, and Iraqi officials reported a full halt of operations at national oil ports.
President Donald Trump noted that higher oil prices offered financial gains for the US but emphasized that preventing Iran from acquiring nuclear weapons remained the priority. Brent and WTI both surged over 9% on Thursday, reaching their highest levels since August 2022.
Goldman Sachs forecasts Brent to average more than $100 per barrel in March and $85 in April, citing the raging Iran conflict, regional infrastructure damage, and disruptions in the Strait of Hormuz as key factors.
Analysts point out that Brent faces greater pressure than WTI because Europe is more exposed to energy security risks, while the US can rely on domestic production.