Oil jumps after renewed fighting

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A file photo of an oil pump jack.— AFP/File
A file photo of an oil pump jack.— AFP/File

HOUSTON: Brent crude futures jumped as much as three per cent on Friday, a day after the US and Iran traded air strikes, with traders fretting over the future of the ceasefire and shipping in the Strait of Hormuz.

Brent crude futures were at $101.47 a barrel, up $1.41 or 1.41pc by 10:51 CDT (1551 GMT), after rising as much as 3pc earlier in the session. US West Texas Interme­diate (WTI) futures were at $95.71 a barrel, up 90 cents, or 0.95pc. Both contracts were still set for weekly declines of more than 6pc.

“We’re still playing the headline-o-rama game,” said Phil Flynn, senior analyst with Price Futures Group. “Ship movement in the Persian Gulf is going about as well as can be expected. We’re kind of working around the edges.”

US and Iranian forces clashed in the Gulf, and the UAE came under renewed attack as Wash­ington awaited a response from Tehran to its proposal to end the conflict, which began with joint US-Israeli airstrikes across Iran on Feb 28.

US President Donald Trump later told reporters the ceasefire was still in effect and sought to play down the exchange. “How quickly can supply be returned from Gulf states, what will the state of inventories be as we approach peak gasoline season, and what sanctions would look like post-settlement are all worthy of thought. But none can be addressed until there is a long-term solution to hostilities,” said PVM Oil Associates analyst John Evans. “The US administration continues to oversell the prospects of a thaw, and an optimism-biased market buys into it,” said Vandana Hari, founder of oil market analysis firm Vanda Insights.

“Curiously, each time, the rebound is gradual and incomplete, making the head fakes at least somewhat effective.”

Published in Dawn, May 9th, 2026

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