Oil resumes rally as Iran reportedly wants to keep enriched uranium within the country

Key points

• Vessels are seen off the coast of Sharjah in the United Arab Emirates on May 21, 2026. Oil prices resumed their rally Friday after declining for three straight sessions as investors weighed mixed messaging on Iran peace deal negotiations.
• While statements from the U.S. had signaled the peace deal was imminent, Iranian leadership's reported stance of keeping enriched uranium within their country has raised worries of an extended conflict, keeping oil supplies disrupted for longer.
• July futures for international benchmark, Brent crude, gained 1.9% to $104.52 a barrel in early Asia trading, while U.S. West Texas Intermediate futures for June advanced 1.5% at $97.81 per barrel.
• Iran's Supreme Leader Ayatollah Mojtaba Khamenei issued a directive that near-weapons-grade uranium in the country should not be sent abroad, Reuters reported, citing Iranian sources.
• This comes after U.S. President Donald Trump said that Washington was in the "final stages" of negotiations with Iran,...