By Callum Keown
Oil prices were rising early Friday as energy markets pointed to growing doubts over whether the U.S. and Iran will reach a deal to end the war.
Prices have fallen in recent days on hopes that the two sides may be about to reach an agreement. Brent crude futures were down for three consecutive days, while West Texas Intermediate futures were on a four-day losing run.
But that could come to an end Friday. Brent crude futures were up 3% at $105.70, while West Texas Intermediate futures climbed 2.7% to $98.90. Both benchmarks fell around 2% on Thursday but remain more than 70% higher this year.
The stock market doesn't seem to be saddled with the same uncertainty. Futures on the S&P 500, Dow Jones Industrial Average and Nasdaq 100 indexes were all higher Friday.
The reason for the disconnect could also be linked to an assumption that oil prices may remain higher in the months ahead even if a deal is reached shortly.
Investors will also be monitoring Friday's NATO meeting following several reports in recent days that the group of allies is considering a mission to help unblock the Strait of Hormuz.
Oil prices had a volatile day Thursday. Crude prices spiked in the morning on reports that Iran's Supreme Leader Ayatollah Mojtaba Khamanei issued an order for the country's near-weapons-grade uranium to not be sent abroad.
Foreign ministry spokesman Esmaeil Baqaei dismissed media claims about nuclear matters as "speculation," Iran's state-sponsored media agency IRNA reported. Brent crude and WTI prices eventually settled around 2% lower.
Write to Callum Keown at callum.keown@dowjones.com
This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.
(END) Dow Jones Newswires
May 22, 2026 08:27 ET (12:27 GMT)
Copyright (c) 2026 Dow Jones & Company, Inc.
Comments