HOUSTON: Oil prices gained more than 3 per cent on Friday, climbing more than $3 a barrel, after comments by US President Donald Trump and Iran’s foreign minister further dented hopes of a deal to end ship attacks and seizures around the Strait of Hormuz.
Brent crude futures gained $3.35, or 3.17pc, to $109.07 a barrel. US West Texas Intermediate futures were up $3.85, or 3.81pc, at $105.02. Over the week, Brent has climbed 7.72pc and WTI 10.11pc.
“The tone between the US and Iran has once again become significantly more confrontational. While the ceasefire holds, hopes for a swift reopening of the Strait of Hormuz have faded,” Commerzbank analysts said.
Iran has “no trust” in the US and is interested in negotiating only if Washington is serious, Foreign Minister Abbas Araqchi said on Friday, adding that Iran is prepared to go back to fighting but also prepared for diplomatic solutions.
Trump said he is running out of patience with Iran and that he has agreed with the Chinese President that Iran cannot be allowed to have a nuclear weapon and must reopen the strait.
Published in Dawn, May 16th, 2026
