Brent crude futures gained 70 cents, or 0.83%, to $84.93 per barrel, while U.S. West Texas Intermediate (WTI) crude rose 81 cents, or 1.03%, to $79.76 per barrel, recovering from losses in the previous trading session. Both benchmarks are on track for strong weekly gains, with Brent up nearly 12% this week.
Analysts said the market remains on edge as fighting continues to threaten two of the world's most critical energy corridors—the Strait of Hormuz and the Red Sea.
Tim Waterer, Chief Market Analyst at KCM Trade, said the escalating risks are keeping oil prices elevated.
"The potential threat of the Red Sea becoming another major supply disruption point is further complicating the global oil outlook," Waterer said, adding that the "dual-risk scenario" is keeping a geopolitical premium embedded in oil prices.
The latest surge comes after the United States launched another round of air strikes against Iran, marking the sixth consecutive night of military operations. U.S. Central Command said American forces began "a new wave of strikes against Iran for the sixth consecutive night to further degrade Iranian military capabilities."
Iran has responded by launching missiles and drones at U.S. military facilities in neighboring countries, including attacks targeting a recently expanded air base in Jordan. Qatar also said its armed forces intercepted an Iranian missile attack early Friday.
Meanwhile, concerns over global oil supplies have intensified following reports that Tehran has instructed its Houthi allies in Yemen to be prepared to close the Red Sea shipping route if U.S. attacks target Iran's power infrastructure.
The move raises fears that another vital maritime corridor could be disrupted, adding to the ongoing restrictions in the Strait of Hormuz.
International Energy Agency (IEA) Executive Director Fatih Birol warned that the situation remains fragile.
"Oil security is still a critical issue," Birol said during a Council on Foreign Relations event in Washington.
"We should be worried, and I am worried, if the situation does not improve in the next few weeks."
Market analysts say continued tensions in the Middle East could push oil prices even higher if key supply routes remain under threat, with some forecasting that U.S. crude could climb into the mid-$80-per-barrel range if current trends continue.
Posted by: Alma Angeles/NET25 News
