Crude oil prices traded near recent highs in early Asian trading on Friday as investors weighed rising geopolitical tensions in the Middle East. Markets remained cautious after strong gains earlier in the week, driven by concerns that developments involving Iran and the United States could disrupt global energy supply routes.
Brent crude futures traded at around US$100.52 per barrel, down slightly by 0.73%, after recently crossing the US$100 mark for the first time since 2022. Meanwhile, West Texas Intermediate (WTI) crude futures for April were quoted near US$95.66 per barrel, marginally lower by 0.07%. During the latest session, WTI prices traded within a range of US$94.71 to US$97.99, while Brent moved between US$99.53 and US$101.78.
Crude oil prices gained support after remarks from Iran’s newly appointed Supreme Leader, Mojtaba Khamenei. In his first public comments since assuming the role, Khamenei warned that Iran could seek to ensure that the Strait of Hormuz remains closed for oil and gas shipments if tensions escalate.
The Strait of Hormuz is one of the world’s most critical energy transit routes, carrying a significant share of global oil exports. Any disruption to shipping through this narrow waterway could have major implications for global energy markets.
In remarks broadcast on Iranian television and translated by Reuters, Khamenei said that Iran may seek compensation for damage caused by its adversaries, or potentially target assets belonging to what he described as “enemies”. The comments intensified market concerns about possible supply disruptions in the region.
The geopolitical tension was further highlighted by statements from US President Donald Trump, who emphasised that preventing Iran from acquiring nuclear weapons remains a higher priority than concerns over rising oil prices.
Meanwhile, US Energy Secretary Chris Wright stated in an interview with CNBC that the US Navy is currently not fully prepared to escort commercial vessels safely through the Strait of Hormuz, though preparations are underway to establish such capabilities by the end of the month.
Earlier comments by Wright on social media suggested that the US Navy had already escorted a ship through the strategic maritime route, briefly pushing oil prices lower. However, the statement was quickly deleted and later denied by the White House, contributing to additional uncertainty in energy markets.
Despite the slight pullback in the latest trading session, crude oil benchmarks remain on track for weekly gains. Brent crude’s move above US$100 per barrel highlights the strength of the geopolitical risk premium currently embedded in energy markets.
West Texas Intermediate crude also rallied earlier in the week, gaining as much as 2.2% to reach US$97.85 per barrel at one stage, reflecting traders’ growing concerns about potential supply disruptions from the Middle East.
Crude oil markets remain highly sensitive to geopolitical developments in the Middle East, particularly any signals regarding the security of the Strait of Hormuz. With strong rhetoric from both Iran and the United States and uncertainty around military readiness in the region, oil prices are likely to remain volatile as traders closely monitor diplomatic and strategic developments.
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Published on: Mar 13, 2026, 7:59 AM IST
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