By: Economy Middle East

Oil prices rose on Friday and were on track to post strong weekly gains as renewed fighting between the United States and Iran reignited concerns over energy supplies from the Middle East and disrupted shipping through the strategic Strait of Hormuz.

Brent crude futures gained 0.39 percent to $76.60 a barrel by 09:15 UAE time, while U.S. West Texas Intermediate (WTI) crude rose 0.43 percent to $72.39 a barrel.

For the week, Brent was set to gain about 6 percent, while WTI was on course for a 5 percent weekly increase.

Strait of Hormuz disruptions fuel supply fears

Oil prices received support after renewed military exchanges between the United States and Iran raised fresh concerns about crude exports from one of the world’s most important energy-producing regions.

Iranian armed forces launched attacks on U.S. military infrastructure in Gulf states on Thursday following U.S. strikes on Iran’s southern coastal and eastern provinces, further escalating tensions despite a three-week-old ceasefire.

Iranian media also reported multiple explosions across southern Iran, including in Bushehr, home to one of the country’s nuclear facilities.

The renewed conflict has delayed the full reopening of the Strait of Hormuz, a vital shipping route that previously handled around 20 percent of global oil and natural gas supplies before the conflict disrupted maritime traffic.

Tanker traffic slows

According to ship-tracking data, tanker movements through the Strait of Hormuz were close to a standstill on Thursday as shipping companies reassessed security risks following the latest attacks.

The disruption intensified after Iran struck a Qatari liquefied natural gas (LNG) vessel exiting the waterway near Oman, prompting vessel owners to delay or reroute shipments.

The interruption has renewed fears that prolonged instability could tighten global oil supplies and increase energy market volatility.

Markets monitor geopolitical developments

Despite the renewed fighting, U.S. President Donald Trump said on Wednesday that he did not expect the conflict to escalate into a prolonged war, adding that any further developments would likely be resolved quickly.

Oil markets remain highly sensitive to developments in the Middle East, with traders closely monitoring military activity, shipping conditions and any further risks to energy infrastructure across the region.