Oil prices rise as Iran hardens stance on uranium
Oil prices resumed their rise on Friday after three consecutive sessions of declines. Investors were assessing mixed signals around negotiations for a peace agreement with Iran.
According to CNBC, earlier statements from the U.S. suggested that a peace deal could be close. However, the position of Iran’s leadership, which reportedly insists on keeping enriched uranium inside the country, fueled concerns that the conflict could drag on and that disruptions to oil supplies could last longer.
July futures for Brent crude rose 1.9% to $104.52 per barrel in early Asian trading. U.S. WTI futures for June delivery gained 1.5%, reaching $97.81 per barrel.
Uranium became a sticking point
According to sources, Iran’s Supreme Leader Ayatollah Mojtaba Khamenei ordered that uranium enriched to near-weapons grade should not be sent out of the country. This came after U.S. President Donald Trump said Washington was in the “final stages” of negotiations with Iran.
Concerns over oil supplies remain. The International Energy Agency warned that, amid rising travel demand during the summer season, oil markets could soon enter a “red zone” as global inventories decline.
IEA Executive Director Fatih Birol said the main solution to the energy shock caused by the war with Iran would be the full and unconditional reopening of the Strait of Hormuz. According to him, developing countries in Asia and Africa will suffer the most from the crisis.
When the war with Iran began
The war with Iran began in late February 2026 after joint U.S. and Israeli strikes on Iranian sites. Iran then launched retaliatory actions across the Persian Gulf, including attacks on targets in Qatar, the UAE, Kuwait, Bahrain and Saudi Arabia. By early March, the conflict had quickly moved beyond a bilateral confrontation and turned into a regional crisis with direct consequences for energy markets.
The main consequence was the destabilization of shipping through the Strait of Hormuz, through which about one-fifth of the world’s oil and a significant share of LNG passed before the war. Since March 4, Iranian forces, according to USNI, have declared the strait “closed” and begun threatening ships attempting to pass through the route. This has led to supply disruptions, higher oil and gas prices, concerns around summer fuel demand and risks for countries in Asia and Africa that are more dependent on Middle Eastern energy resources.
A day earlier, oil prices fell after signs emerged of a possible shift in the course of negotiations between Washington and Tehran.
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