By Adedapo Adesanya

The two major crude oil grades jumped 3 per cent on Friday and settled at their highest in nearly four years, with Brent futures up by $3.54 or 3.26 per cent to $112.19 a barrel, the highest since July 2022, while the US West Texas Intermediate (WTI) crude futures appreciated by $2.18 or 2.27 per cent to $98.32 per barrel.

Prices continued to be influenced by the crisis in the Middle East as Iraq declared force majeure on all oilfields developed by foreign oil firms.

The Iran war has escalated with the US set to deploy thousands of additional Marines and sailors ‌to the crisis-hit region.

The continued extension shows there are no signs of abating with attacks on key energy infrastructure in Iran and strikes by that nation on its neighbours, including Saudi Arabia, Qatar and Kuwait.

The oil market is starting to build in expectations of longer supply shut-ins following attacks, and several weeks before the crucial Strait of Hormuz is reopened.

Analysts said prices will remain elevated as long as traffic through the Strait of Hormuz is disrupted and likely even after. Around 20 per cent of the world’s oil and Liquified Natural Gas (LNG) transits through the strait.

US President Donald Trump claimed there are no leaders left in Iran to talk to about the war as military strikes continue to target Iranian officials. He also reiterated demands that Iran have no nuclear weapons.

Israel and Iran traded fresh attacks on Friday, following a hit on an oil refinery in Kuwait.

To help ease worries, ⁠the US said removing oil sanctions on stranded waterborne Iranian cargoes would get supplies to Asia in three to four days. With the closure of the Strait, it is difficult to get supplies to Asia from the Middle East.

The US government also said further release of crude from the Strategic Petroleum Reserve was possible. It is part of the nations that are releasing 400 million in stockpiled fuels to ease crisis woes.

It was reported that the Trump administration is considering plans to occupy or blockade Iran’s Kharg Island to pressure Iran ⁠to reopen the Strait of Hormuz.

Meanwhile, Russia attacked Ukrainian oil and gas facilities in ⁠Poltava and Sumy regions, adding to geopolitical worries.

Data from energy services firm Baker Hughes said US energy firms increased the oil rig count by two to 414 this week, the highest since mid-December.

By Adedapo Adesanya

Bitcoin (BTC), the largest cryptocurrency, rose to $71,171.23, with the wider crypto market seeing a notable price bounce on Friday after major economies announced joint efforts to boost oil supplies through the now-disrupted Strait of Hormuz.

BTC rose more than 1.4 per cent on the day, extending its recovery from overnight lows under $68,900.

As of press time, other major coins, including Ethereum (ETH), Ripple (XRP), and Solana (SOL), saw smaller gains of less than 1 per cent.

SOL appreciated 0.6 per cent to trade at $90.07, ETH rose 0.4 per cent to $2,163.14, followed by XRP as it added 0.3 per cent to sell at $1.46.

Britain, France, Germany, Italy, the Netherlands, and Japan said they would take steps to stabilise energy markets and join collaborative efforts to ensure safe passage through the Strait of Hormuz.

In a joint statement issued by the UK Prime Minister Keir Starmer’s office, leaders of these nations condemned the attacks by Iran and urged it to halt its actions immediately.

On Thursday, US Treasury Secretary Scott Bessent said the US may soon remove sanctions from Iranian oil tankers and could release crude from its Strategic Petroleum Reserve.

With the Federal Reserve expressing heightened uncertainty on growth and inflation outlooks earlier this week, traders have scaled back expectations for Federal Reserve rate cuts. This has left crypto and traditional risk assets largely at the mercy of oil price swings.

Market analysts noted that the latest drop in oil, though positive, doesn’t end the uncertainty, as military conflict in the Middle East continues.

By Adedapo Adesanya

Brent crude traded at $108.65 per barrel on Thursday after earlier hitting $119 ​during the session, as the Middle East crisis took a different dimension.

Prices had surged dramatically on the back of an Israeli attack on the South Pars gas field and an Iranian attack on energy infrastructure across the region. The escalations briefly pushed Brent beyond $119 per barrel earlier on Thursday, as fears of further serious supply disruptions peaked.

Supply disruptions intensified following the Iranian attack on Qatar’s Ras Laffan Industrial City (RLIC), which hosts the world’s biggest LNG liquefaction complex.

Qatar had already halted the Ras Laffan LNG complex in the early hours of the war, mostly as a precaution following a drone attack near the site and because of the de facto closure of the Strait of Hormuz.

The market is desperately looking to replace disrupted supply with US oil now being directed through the Panama Canal to help deal with the shortfall in Asia.

Meanwhile, US Treasury Secretary Scott Bessent ​said the US may soon remove sanctions from Iranian oil that is stranded on tankers, amounting to around 140 million barrels.

He also said ​another release of crude oil from the US Strategic Petroleum Reserve was possible.

Saudi Arabia ​said it intercepted four ⁠ballistic missiles and an attempted drone attack on a gas facility. Its SAMREF refinery in the Red Sea port of Yanbu, was also targeted in an aerial attack on Thursday. Oil loadings at the port were disrupted but have since resumed.

Kuwait Petroleum ⁠Corporation said ​its Mina al-Ahmadi refinery was hit by a drone, igniting a limited fire.

Israeli Prime Minister Benjamin Netanyahu suggested the Iran war could end sooner than expected, saying that joint US-Israel strikes had significantly degraded Iran’s strategic capabilities and that the war would “end faster than people think.”

He emphasised that the campaign would not be open-ended and indicated that Israel would refrain from further attacks on Iran’s South Pars gas field at the request of President Donald Trump.

The move helped ease immediate concerns about further escalation targeting critical energy infrastructure.