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Oil prices set up for biggest weekly surge since April as Iran tensions rise

Crude futures were trading around $79.9 for WTI and $85.1 for Brent, with the jump tied to renewed U.S. strikes and a blockade meant to limit Iran oil exports.

Reported · Written up by our desk · Energy

Oil prices were on track for a 12% weekly gain, the largest one week move since April, after Middle East tensions re-escalated and shipping flows tied to the Strait of Hormuz were disrupted, pushing crude futures to their highest level in more than a month. In Asian trading on Friday, both major benchmarks were higher by about 1%. Brent traded up roughly to $85.06, and WTI was about $79.88 per barrel, according to OilPrice. OilPrice said the renewed rise followed intensifying U.S.-Iran tensions earlier this week, including reports that Iran hit two UAE-managed oil supertankers while transiting the Strait of Hormuz in the southern lane near Oman. The article also linked the price move to continued U.S. military action, including a reinstated naval blockade outside the Strait of Hormuz in the Gulf of Oman. The blockade is designed to limit Iran’s ability to export oil, and OilPrice added that the United States struck and disabled an Iran-linked sanctioned oil tanker near Kharg Island on Thursday, as the scope of the blockade appeared to broaden. Early Friday local time, U.S. forces launched precision munitions aimed at multiple Iranian military targets, including coastal surveillance and air defense sites.

Latest closeWTI crude $79.00 ▼0.8%|Brent $84.94 ▼0.0%

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