Friday, March 27, 2026
Oil markets surged on Friday as Brent crude climbed back near $110 per barrel. Traders dismissed Trump’s 10-day extension of the deadline for Iran. Supply fears continue to dominate global energy markets.
President Donald Trump announced the pause on social media Thursday. He declared he would delay strikes on Iranian energy infrastructure until April 6, 2026. Tehran’s cool response to Washington’s 15-point peace plan quickly erased any market relief.
Brent crude futures rose 2.7% to $110.94 per barrel during Thursday’s session. U.S. West Texas Intermediate also advanced 2.7% to $97.01. Prices initially fell more than 1% Friday but reversed as European markets opened.
Markets remain deeply skeptical of a diplomatic breakthrough. SPI Asset Management’s Stephen Innes said the extension feels more like “a trader rolling a losing position forward, hoping the next candle delivers what the last one refused to give.”
The Strait of Hormuz sits at the heart of the crisis. About one-fifth of global oil and gas flows through this critical chokepoint daily. Brent has surged nearly 50% since the war began on February 28.
Goldman Sachs sharply raised its Brent forecast, expecting an average of $110 in March and April. The bank warned that if Hormuz flows stay at 5% for 10 weeks, daily prices will likely exceed their 2008 record levels. Macquarie separately warned Brent could reach $150 per barrel if the strait remains effectively shut until the end of April.
Iran’s Tasnim news agency confirmed Tehran sent its formal response to Washington’s 15-point plan through intermediaries Thursday night. Officials called for an end to US.-Israeli attacks, war reparations, and respect for Iran’s sovereignty over the Strait of Hormuz.
The April 6 deadline now looms as a defining moment for global energy stability.
“Sources: CNBC, Euronews, SPI Asset Management, Goldman Sachs, Macquarie“
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