LONDON – The global oil prices edged higher on Friday and were on track to post strong weekly gains as renewed military tensions between the United States and Iran heightened concerns over potential disruptions to energy supplies from the Middle East.
Brent crude futures rose 19 cents, or 0.25%, to $76.49 per barrel, while US West Texas Intermediate (WTI) crude gained 19 cents, or 0.26%, to $72.27 per barrel in early trading.
For the week, Brent crude was set to record a gain of around 6%, while WTI was on course for an increase of nearly 5%, reflecting growing market concerns over supply risks.
Market analysts said oil prices remain supported by uncertainty surrounding shipping through the Strait of Hormuz, a strategic waterway that carries nearly one-fifth of the world’s oil and liquefied natural gas exports.
Analysts noted that although prices have eased from their midweek highs, a significant geopolitical risk premium remains as tanker movements through the Strait of Hormuz continue to face severe disruptions with no clear timeline for a return to normal operations.
At the same time, expectations that Washington and Tehran could eventually return to diplomatic negotiations have helped prevent a sharper rise in oil prices.
The latest increase follows renewed exchanges of military strikes between the United States and Iran. Iranian forces reportedly targeted US military installations in Gulf countries after American strikes on Iranian military positions earlier this week.
Iranian media also reported multiple explosions in southern parts of the country, including the province of Bushehr, home to one of Iran’s nuclear power facilities.
The renewed hostilities have delayed the full reopening of the Strait of Hormuz, leading many shipping companies to reassess security risks before resuming operations. According to shipping data, tanker traffic through the waterway remained extremely limited on Thursday as vessel operators monitored the evolving security situation.
Despite the escalation, US President Donald Trump expressed confidence that the conflict would not develop into a prolonged war, saying he expected any further developments to be resolved quickly.
Market observers also noted that investor sentiment improved after the United States refrained from targeting Iran’s oil production and export infrastructure, reducing fears of a major disruption to global crude supplies. However, traders continue to closely monitor developments in the region, with geopolitical uncertainty expected to remain the key driver of oil prices in the coming days.
