Oil erases weekly loss, Brent above $110 as steel, energy targets struck in Iran in Oil & Companies News 30/03/2026 Oil prices resumed their climb on Friday, with Brent surpassing $100 a barrel, as hopes for a peace deal between the U.S. and Iran faded as fighting raged on. An extension to a deadline for U.S. attacks on Iranian energy infrastructure by President Donald Trump failed to lift the mood after Iran claimed that U.S. ally Israel had hit some steel factories, a power plant, and nuclear sites. At 15:04 ET (19:04 GMT), the futures contract expiring in May for Brent crude, the global benchmark, advanced 4.3% to $112.60 a barrel. Crude Oil WTI Futures climbed 5% to $99.28 a barrel. Iran says Israel struck steel factories “Israel has hit 2 of Iran’s largest steel factories, a power plant and civilian nuclear sites among other infrastructure. Israel claims it acted in coordination with the U.S.,” Iranian foreign minister Abbas Araghchi said on social media. “Attack contradicts POTUS extended deadline for diplomacy. Iran will exact HEAVY price for Israeli crimes,” Araghchi added. The minister was referring to Trump’s Thursday announcement that a White House deadline for Iran to reopen the Strait of Hormuz or face U.S. attacks on energy facilities would be extended until April 6. Trump claimed the extension came at the request of the Iranian government, adding that Tehran was engaged in “ongoing” talks with the United States that were “going very well.” Media reports to the contrary, he insisted, were “erroneous.” Trump previously issued an ultimatum to Iran last weekend in which he vowed to strike power plants in the country’s if it did not unblock the Strait of Hormuz, a vital waterway through which roughly one-fifth of the world’s oil flows. Trump later said he would not do so until Friday after what he described as “very strong” discussions with Iran. Tehran, for its part, has publicly denied that any such negotiations with Washington are happening. Iran’s tolling of Strait of Hormuz ’unacceptable’ U.S. Secretary of State Marco Rubio told reporters on Friday that the Strait of Hormuz was discussed at a meeting of the Group of 7 nations in France. Rubio told allies that one of the biggest challenges that will be faced once the U.S. completes its operation in Iran will be if the country decides to “want to set up a tolling system” in the strait. “Not only is this illegal, it’s unacceptable. It’s dangerous to the world, and it’s important that the world have a plan to confront it. The United States is prepared to be a part of that plan. We don’t have to lead that plan, but we’re happy to be a part of it,” he said. “But these countries have a lot at stake. Not just the G7 countries, but countries in Asia and all over the world have a lot at stake and should contribute greatly to that effort to ensure that neither the Straits of Hormuz or frankly any international waterways should ever be something that’s controlled or tolled by a nation state,” Rubio added. The White House’s calls for international aid to help unblock the strait have so far been largely rebuffed. “The situation in the Strait of Hormuz is choking global oil supply. So the outlook for oil depends on whether the conflict comes to a conclusion quickly or whether it becomes a long-term, protracted war,” Yerbol Orynbayev, former World Bank governor of Kazakhstan, told Investing.com. “No one knows the answer to this question for sure, but historical precedent tells us that on