Oil prices maintained their upward momentum on Friday as the White House leveraged the recently announced ceasefire to avoid a congressional 60-day deadline, under the 1973 law, for the Iran war. This pushed the crude oil futures higher amid tight supply fears.
Geopolitics Keep Markets On Edge
The Donald Trump administration argued that a three-week-old ceasefire effectively “terminated” hostilities, halting the 60-day clock under the War Powers Resolution.
By avoiding the looming May 1 deadline for troop withdrawal or congressional approval, the White House introduced a new layer of uncertainty. Despite this technical pause, geopolitical risks persist.
July Brent futures climbed to $111.13, while U.S. West Texas Intermediate (WTI) for June reached $105.25. Tensions remain elevated as the U.S. blockade on Iran holds, and Tehran continues to refuse to reopen the crucial Strait of Hormuz.
A ‘Higher-For-Longer’ Reality
While the potential reopening of the Strait of Hormuz could eventually pressure prices lower, market experts note that underlying supply conditions remain exceptionally tight.
Adam Turnquist, Chief Technical Strategist for LPL Financial, told Benzinga that a striking divergence …
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