Oil resumes rally as Iran reportedly wants to keep enriched uranium within the country
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- Brent crude futures rose 1.9% to $104.52 per barrel in early Asian trading on Friday.
- West Texas Intermediate futures climbed 1.5% to $97.81 per barrel.
- Ayatollah Mojtaba Khamenei ordered that near‑weapons‑grade uranium stay in Iran, raising concerns of an extended conflict.
- President Donald Trump said Washington was in the “final stages” of negotiations with Iran.
- International Energy Agency warned that summer travel demand could push oil markets into a “red zone” and that fully reopening the Strait of Hormuz is essential to avoid a prolonged energy shock.
Why it matters: Oil traders profit from the 1.9% Brent surge, while airlines and Asian consumers face higher fuel costs as the IEA warns of a red‑zone market and delayed Hormuz reopening will keep supplies tight through 2027.
