US-Iran Conflict Drags On as Crude Oil Futures Rise

Crude oil futures rose on Friday morning as US Vice President JD Vance declined to give a timeline for ending the conflict between the US and Iran. The price of Brent crude oil futures was at $95.85, up by 0.35 percent, while West Texas Intermediate (WTI) crude oil futures were at $91.85, up by 0.60 percent.

Vance stated that the US has ended major combat operations with Iran, but emphasized that there is still no active shooting. He also noted that an end to the conflict would require a halt in Iranian attacks on commercial shipping, and said that there would be no negotiations with Iran as long as they continue to target ships.

The oil market remains elevated due to the ongoing hostilities between the US and Iran, but ING Think's Commodities Strategy head Warren Patterson and Commodities Strategist Ewa Manthey caution that the rally may lose traction if Hormuz shipments continue smoothly. They noted that Iraq exported a record 2.35 million barrels of oil per day since the start of the US-Iran war in August.