Crude prices swung sharply this week after a fragile U.S.-Iran ceasefire broke down midweek, only to stabilize by Friday as talk of renewed diplomacy resurfaced.

Strait of Hormuz Attacks Spark Spike

Fresh attacks on tankers in the Strait of Hormuz pushed Washington to revoke its authorization for Iranian oil exports. Brent crude jumped to around $73.75 a barrel, while U.S. WTI crude rose to near $70.

Trump Signals Ceasefire Is “Over”

President Trump said the truce between the two sides was effectively finished and threatened further strikes on Iran, adding to the volatility in energy markets.

Prices Ease Into the Weekend

By Friday, signals that talks could resume helped oil give back most of its gains, as traders grew less convinced a full-scale conflict would return.

What to Watch

Markets remain sensitive to any fresh escalation, since a prolonged disruption in the Strait could keep pressure on oil and broader risk sentiment into next week.