Oil prices rebound as Brent climbs back above $100

Oil prices erased early losses on Friday to climb back above the $100 mark, as markets reassessed the risk of prolonged supply disruptions in the Strait of Hormuz. Brent crude futures for May delivery rose 0.55% to $101.01 a barrel, tracking a weekly gain of approximately 8%, while U.S. West Texas Intermediate (WTI) crude for April delivery edged up 0.35% to $96.08.

The market remains on edge following U.S. President Donald Trump’s warnings of potential strikes on Iran next week, alongside a temporary U.S. waiver allowing the purchase of Russian seaborne oil to stabilize global energy prices. Goldman Sachs revised its outlook, forecasting Brent to average above $100 in March due to infrastructure damage in the Middle East and the ongoing blockade of the Strait of Hormuz, which handles a fifth of global oil and gas supplies.

Analysts warned that if the disruption persists for two months, Brent prices could surge to an average of $93 in the fourth quarter, significantly higher than previous estimates of $71. While some tankers have managed to exit the Strait, experts suggest that the passage remains effectively restricted, and recent price dips should be viewed as temporary fluctuations in a highly volatile market.