Oil benchmarks climbed further following indications that the U.S. military would advise President Donald Trump on possible measures against Iran. This development has heightened concerns over renewed military hostilities and disruptions to global oil supplies, building on the existing American blockade of Iranian exports.
On Thursday, Axios cited sources who said the U.S. Central Command was preparing to present Trump with strategies for potential operations in Iran. This comes amid ongoing tensions, as the U.S. maintains a blockade hindering Iranian crude shipments.
In commodity markets, Brent crude futures for June delivery advanced 4.5% to $123.30 per barrel, while U.S. West Texas Intermediate futures increased 2.25% to $109.28. The prior trading day saw both contracts post gains surpassing 6%, with Brent reaching its highest value in a month, underscoring expectations that the blockade may persist.
Reports indicate that Trump had previously refused a proposal from Tehran aimed at reopening the Strait of Hormuz, suggesting that the current naval restrictions would not be lifted until significant progress is made on a nuclear deal. Trump also commented in a Truth Social post that Iran “can’t get their act together,” and has encouraged Tehran to initiate dialogue if interested.
Iran, for its part, has vowed to maintain interruptions to navigation through the Strait of Hormuz as long as it faces threats, fueling the potential for continued instability in Middle East oil flows. The ongoing conflict has already led to thousands of casualties and contributed to economic instability worldwide.
