Oil prices spiked again on Friday as efforts to resolve the war with Iran remain deadlocked, with Tehran continuing to block the Strait of Hormuz and the US Navy maintaining a blockade of Iranian ports and crude exports.

Brent crude, the international benchmark, rose 89 cents to $111.29 a barrel by 08:08 GMT, compared with around $65 before the US and Israel launched strikes on Iran on February 28. The benchmark was on track for a 5.7% weekly gain, according to Reuters.

Brent crude futures for June also surged on Thursday, hitting $126.41 a barrel before expiry, the highest level since March 2022.

A Pakistan-brokered ceasefire between the US and Iran has been in place since April 8 to allow time for talks, but on Thursday evening, Iranian Foreign Ministry spokesperson Esmaeil Baghaei said expecting quick results was unrealistic. “Expecting to reach a result in a short time, regardless of who the mediator is, in my opinion, is not very realistic,” he was quoted as saying by IRNA.

Iran has threatened to strike back if the US renews attacks, including on US assets in neighboring Gulf countries. On Friday, UAE presidential adviser Anwar Gargash wrote on X that no unilateral Iranian arrangements can be trusted regarding freedom of navigation through the Strait of Hormuz due to its “treacherous aggression” against neighbors.

One-fifth of the world’s oil and liquefied natural gas supplies pass through the strait in peacetime. UN Secretary-General Antonio Guterres warned that if the disruption drags past mid-year, global growth will fall, inflation will rise, and tens of millions more will be pushed into poverty and extreme hunger.

A White House official said President Donald Trump has asked US oil companies to find ways to mitigate the impact of a potentially months-long blockade of Iranian ports, discussing steps to continue the blockade if needed while minimizing harm to American consumers.

Source: www.aljazeera.com