WTI remains stronger near $104 as Trump threats fuel supply fears

West Texas Intermediate (WTI) oil price steadies around $103.80 per barrel during the early European hours on Friday. WTI price gained over 10% as supply concerns intensified following renewed Iran threats from US President Donald Trump.

President Trump warned of intensified military action on Iran over the next two to three weeks and issuing strong threats against Iran. But he offered no clarity on steps toward reopening the Strait of Hormuz.

Iran’s Foreign Minister Abbas Araghchi responded that recent US strikes on civilian infrastructure would not force a retreat, describing them instead as evidence of an opponent in disarray and moral decline.

Reports indicate that Iran and Oman are preparing a protocol to oversee transit through the Strait of Hormuz, though optimism quickly faded. In an interview with Sputnik, Iranian Deputy Foreign Minister Kazem Gharibabadi said Tehran is finalizing the draft and will soon begin talks with Oman to establish a joint framework.

Meanwhile, the United Kingdom (UK) is hosting virtual discussions with around 40 countries to explore ways to reopen the Hormuz. The US is not participating, after President Trump said it is not America’s responsibility to reopen the route, urging European nations to “go get your own oil.”