Oil prices climb as Middle East tensions fuel supply concerns

Brent crude futures rose 19 cents to $76.49 per barrel, while US West Texas Intermediate (WTI) crude gained 19 cents to $72.27 per barrel

LONDON: Oil prices edged higher on Friday and remained on course for strong weekly gains as renewed fighting between the United States and Iran raised fresh concerns over global energy supplies and shipping through the Strait of Hormuz.

Brent crude futures rose 19 cents to $76.49 per barrel, while US West Texas Intermediate (WTI) crude gained 19 cents to $72.27 per barrel. For the week, Brent was up around 6%, with WTI advancing nearly 5%.

Market sentiment remained supported by fears that escalating military exchanges could further disrupt oil exports from the Middle East. Tanker traffic through the Strait of Hormuz, a vital route for nearly one-fifth of the world’s oil and gas shipments, has slowed significantly as shipping companies reassess security risks.

Analysts said geopolitical tensions continue to add a risk premium to oil prices, although expectations of renewed diplomatic engagement between Washington and Tehran have helped prevent a sharper rally.

The latest surge in prices follows fresh military exchanges between the US and Iran, including Iranian strikes on American military facilities in Gulf states after US attacks on Iranian targets. Reports of explosions in southern Iran, including near the Bushehr nuclear facility, have also heightened market uncertainty.

Despite the heightened tensions, US President Donald Trump expressed confidence that the confrontation would not escalate into a prolonged conflict. Analysts noted that markets were also reassured by Washington’s decision to avoid targeting Iran’s energy infrastructure, reducing fears of severe disruptions to global oil supplies.