WTI crude futures traded just below $112 a barrel on Friday, hovering near their highest level in almost four years, as markets priced in elevated geopolitical risk in the Middle East ahead of the holiday weekend. In a national address Wednesday night, U.S. President Donald Trump said U.S. military objectives would be achieved “very shortly,” but also warned that Iran would be hit “extremely hard” in the coming weeks, prolonging uncertainty. The absence of a clear timeline has dampened expectations for a rapid resolution to the conflict and the reopening of the Strait of Hormuz, a critical chokepoint for global oil flows. Separately, the UK is convening a virtual meeting of representatives from 35 countries to discuss options for restoring safe passage through the strait. In Russia, recent attacks on port infrastructure, pipelines, and refineries have curtailed export capacity by about 1 million barrels per day, roughly one-fifth of total capacity. Meanwhile, OPEC+ is scheduled to review potential output increases on Sunday, though any substantial hike is seen as unlikely until the strait is fully reopened.