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Brent crude futures rose by more 4% to above $99 per barrel on Thursday as doubts resurfaced over ongoing US–Iran negotiations. Reuters reported that the peace talks now point to diminished prospects for a broad agreement and opening of the Strait of Hormuz and are now focused on securing a temporary memorandum to avoid renewed conflict. Meanwhile, benchmark prices showed little immediate reaction after President Trump said Israeli and Lebanese leaders had agreed to begin a 10-day ceasefire starting Thursday. Further supporting prices, signs of tightening supply are emerging. After seven consecutive weeks of builds, US crude inventories fell by 9.13 million barrels last week, far exceeding analysts’ expectations for a 154,000-barrel increase, according to the US Energy Information Administration.

Brent Crude Rises 4%

Crude Oil WTI increased 4% to 94.938 USD/Bbl

Crude Oil WTI is up by 4%

WTI crude oil rose around +3% to above $94 per barrel as markets reacted to rising geopolitical tensions, especially after reports that a US-Iran deal could take months, not weeks. Ongoing talks have not resolved key issues, while disruptions in the Strait of Hormuz continue to limit oil supply. The situation between the US and Iran is keeping supply tight, supported by recent drops in US inventories and stronger export flows. However, some optimism around a potential agreement has helped cap further gains, highlighting the market’s sensitivity to geopolitical developments and ongoing uncertainty around supply conditions.

Oil Surges as Iran Deal Delays Fuel Supply Fears

The CAC 40 index fell 0.1% to close at 8,263 on Thursday, as investors monitored Middle East tensions. The US administration alternated between signaling progress toward a peace deal and warning Iran, while Pakistani officials visited Tehran to facilitate new US-Iran talks. The Strait of Hormuz remains largely closed, keeping oil prices elevated, though below recent peaks. Most luxury stocks posted losses amid persisting risk aversion, with L'Oreal down 2.3% and Kering down 3.1%. Meanwhile, Hermes gained 1.1% as the company reported a 6% rise in sales for the first quarter of 2026 yesterday. In the industrial sector, stocks declined, with Safran losing 3.4% and Thales down 0.7%. In contrast, TotalEnergies gained 0.6% on higher oil quotes.

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