WTI crude rose 1.3% on Friday to reach nearly $80 a barrel. Both Brent and WTI benchmarks are tracking weekly gains of approximately 12%.
U.S. Central Command confirmed a sixth consecutive night of strikes against Iranian military infrastructure. Iran resumed its blockade of the Strait of Hormuz, a waterway carrying one-fifth of global oil supplies.
Shipping data indicates transit through the strait has plummeted as vessels reverse course. Iran reportedly instructed Houthi allies to prepare a Red Sea closure if U.S. strikes hit Iranian power infrastructure.
The IEA’s executive director warned the situation poses a serious threat to global energy security. Traders remain on high alert for further escalations that could cause prolonged supply outages.