WTI rises to near $102.50 amid rising supply concerns from Middle East

• WTI heads for a second weekly gain as US-Iran tensions persist and Hormuz reopening prospects fade.
• Trump said the Iran port blockade will continue, raising concerns the Strait of Hormuz may remain closed.
• US Route 66 centennial travelers paid $6 per gallon in California, a two-year high.

West Texas Intermediate (WTI) oil price inches higher after registering 2.7% losses in the previous day, trading around $102.40 per barrel during the Asian hours on Friday. Crude oil prices are set for a second weekly gain, amid dimming prospects for a US-Iran peace deal and expectations that the Strait of Hormuz would not reopen anytime soon.

Bloomberg reported on Thursday that US President Donald Trump said he would continue the naval blockade of Iranian ports, amid concerns that the strategically vital Strait of Hormuz may not reopen in the near term. Trump also criticized congressional attempts to curb his war powers, including a recent Senate proposal that was rejected earlier in the day.

Iran’s Supreme Leader Mojtaba Khamenei further dimmed prospects for a deal, vowing not to give up the Islamic Republic’s nuclear or missile capabilities and signaling that Tehran would maintain control over the strait.

Meanwhile, a new Ukrainian drone strike targeted Russia’s Black Sea port of Tuapse—the fourth such attack in the past week—igniting a fire at the sea terminal but causing no reported injuries. Tuapse has faced repeated assaults, particularly on its oil terminal facilities, according to Reuters.

Motorists and travelers marking the 100th anniversary of US Route 66 throughout 2026 were paying $6 per gallon for gasoline in California on Thursday, the highest level in two years and an emerging political flashpoint ahead of upcoming elections.