By George Glover
Oil prices were edging lower on Friday, suggesting crude has found a ceiling so long as the conflict in the Middle East doesn't cause further damage to key energy infrastructure.
Brent international futures slid 0.3% to $108.34 a barrel and West Texas Intermediate U.S. futures fell 1.1% to $94.53 a barrel.
The benchmarks rallied on Thursday with the Brent hitting $119, then pulled back after Israel's Prime Minister Benjamin Netanyahu said the Iran war will be " ending a lot faster than people think."
Another factor dragging down crude was Treasury Secretary Scott Bessent saying the U.S. might "unsanction" Iranian oil that is already at sea. That would be the equivalent of about 140 million barrels, Bessent told Fox Business.
The longer the war lasts, the higher oil prices will go. Saudi Arabia's oil officials said the base case was that prices could soar past $180 a barrel if the disruptions persist until late April, according to The Wall Street Journal.
Investors were worried that the conflict would escalate this week after strikes by Israel on Iran's South Pars gas field, but Netanyahu said on Thursday that Trump had asked him to hold off on future attacks.
International prices have surged, but WTI futures are down 4.9% over the past five trading sessions. The spread between the contracts is because U.S. oil facilities haven't been disrupted, as well as speculation that the Trump administration could ban crude exports to keep a lid on prices.
Write to George Glover at george.glover@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
March 20, 2026 05:23 ET (09:23 GMT)
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