Oil prices ended the week on Thursday showing mixed movements, with Brent declining while WTI increased as Middle East tensions continued to shape market sentiment.
International benchmark Brent crude futures expiring in June closed at $109.24 per barrel on Thursday, down 3% from last Friday's close of $112.57.
Monday saw a rise in oil prices amid concerns over a prolonged war in Iran and Red Sea security risks, while the Strait of Hormuz crisis continued. US President Donald Trump's threat to seize Iran's main oil export terminal on Kharg Island added further support to the upward trend.
Brent reached $119.24 on Tuesday, the highest level of the week. However, markets remained mixed later as Trump also indicated potential progress in talks with Iran while warning that critical energy infrastructure could be at risk if diplomacy failed.
Wednesday brought a pullback, with Brent falling to $98.35, the lowest level of the week, as reports suggested a faster resolution to the US/Israel-Iran conflict and a possible end to joint attacks, easing supply fears despite ongoing Strait of Hormuz risks.
Thursday, prices surged sharply, reversing earlier losses after Trump threatened to hit Iran "extremely hard."
"We're going to hit them extremely hard. Over the next two to three weeks. We're going to bring them back to the Stone Age, where they belong," Trump said.
Meanwhile, WTI futures contracts expiring in May jumped to $113.97, its highest level since mid-June 2022, following Trump's warnings of further escalation and Iran's threats of stronger retaliation.
US benchmark West Texas Intermediate rose 12% to $111.54 per barrel on Thursday, compared with $99.64 on March 27.
Saudi Arabia, the UAE, and Bahrain reported new attacks from Iran on Thursday, with air defenses intercepting dozens of missiles and drones.
Markets were closed on Friday for the Good Friday holiday leading up to Easter Sunday.
Traders remain focused on ongoing US-Israel-Iran tensions, potential monitoring protocols in the Strait of Hormuz, and the upcoming OPEC+ meeting on Sunday.
By Firdevs Yuksel
Anadolu Agency
energy@aa.com.tr
