Key facts
- Oil prices reversed gains, falling from a six-week high on Thursday.
- Brent crude briefly touched $100 a barrel, while WTI reached $91.30.
- Houthi forces attacked two Saudi oil tankers in the Bab el-Mandeb strait.
- Reports emerged of potential ceasefire negotiations between the U.S. and Iran.
- U.S. energy shares rose in premarket trading.
Oil prices reversed earlier gains on Thursday, retreating from a six-week high as reports of potential ceasefire negotiations between the United States and Iran emerged, despite ongoing strikes and Houthi threats to shipping. Brent crude briefly touched $100 a barrel, its highest level since May 26, while U.S. West Texas Intermediate crude rose to $91.30 per barrel.
Houthi forces in Yemen widened the conflict by targeting two Saudi oil tankers in the Bab el-Mandeb strait, intensifying fears of global oil supply disruptions. Analysts noted that the recovery process in the Middle East requires an increase in inbound vessels, and with the conflict resuming, these flows remain depressed, keeping the oil market tight.
U.S. energy shares saw gains in premarket trading, with Exxon Mobil and Chevron rising, as did refiners Valero Energy, Marathon Petroleum, and Phillips 66. Analysts had previously cut their 2026 oil price forecasts before tensions flared again, but energy stocks have since swung with developments in the conflict.