Global oil prices rebounded on Friday, snapping a three-session losing streak as market participants reacted to fresh geopolitical tensions involving Iran. Brent crude futures rose 1.9% to $104.52 per barrel, while West Texas Intermediate futures climbed 1.5% to $97.81. The upward movement follows reports that Iranian Supreme Leader Ayatollah Mojtaba Khamenei has directed that the country’s near-weapons-grade uranium remain within its borders, casting doubt on the viability of a potential peace deal.

The directive complicates ongoing diplomatic efforts, which had previously shown signs of progress. While recent signals from Washington suggested that negotiations were entering their final stages, the insistence on retaining enriched uranium has fueled concerns that the conflict will persist, further straining global energy supplies. The uncertainty surrounding these talks has left investors wary of an extended period of supply disruption.

Beyond the immediate diplomatic impasse, the broader energy market faces significant long-term pressure. The International Energy Agency has warned that global oil stocks are dwindling, potentially pushing markets into a ‘red zone’ as summer travel demand increases. Experts suggest that the full normalization of Middle East oil supplies may not be achieved until 2027, given the extensive damage and logistical hurdles caused by the ongoing conflict.

Central to the crisis is the disruption of the Strait of Hormuz, a vital maritime corridor that historically facilitated the transit of approximately one-fifth of the world’s oil and liquefied natural gas. With the region remaining volatile, analysts warn that developing nations in Asia and Africa are likely to bear the brunt of the resulting energy shock, as the global market struggles to compensate for the restricted flow of resources.