Oil prices increased by about 2% on Friday after the U.S. and Iran stepped up attacks across the Gulf, with shipping threatened by a possible Red Sea closure on top of restricted traffic through the Strait of Hormuz.
Brent crude futures rose by $1.53, or 1.82%, to $85.76 a barrel by 0951 GMT. U.S. West Texas Intermediate futures gained $1.69, or 2.14%, to $80.64.
Both benchmarks have climbed nearly 13% this week, with Brent on track for a third straight weekly gain and WTI set for its second.
Iran claimed on Friday that it had targeted U.S. military forces in Syria and Bahrain, expanding its attacks in the region as the U.S. completed its sixth consecutive night of strikes on the Islamic Republic.
The escalating standoff comes as the fragile truce signed by the U.S. and Iran last month shows further signs of falling apart. The interim agreement was meant to reopen the strategically important Strait of Hormuz and halt the fighting.
U.S. Central Command said overnight that it had finished its latest major wave of strikes against Iran, hitting dozens of military targets, including air defenses, logistics infrastructure, and maritime capabilities.
In a social media post, Centcom said more than 50,000 service members are operating across the Middle East, adding that they “remain vigilant, lethal, and ready.”
Iranian state media reported that the U.S. air attacks overnight had killed eight people and wounded 20, alleging that American strikes had hit civilian infrastructure, including bridges, a train station, and an airport.
By CEO NA Editorial Staff
