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WTI tops $81 as Middle East tensions lift weekly gains

WTI was up 2.76% on the day and was set for a weekly gain of more than 13%, as Iran warned of shipping disruptions tied to US strikes.

Reported · Written up by our desk · Energy

WTI crude traded around $81.10 on Friday, rising 2.76% on the day and moving toward a weekly gain of more than 13% amid escalating Middle East tensions, a move reflected in renewed concern about global oil supply routes.

The conflict intensified after the US launched another wave of strikes against Iranian military facilities, with US Central Command saying the operations aim to further degrade Iran’s military capabilities while US forces continue operations around the Strait of Hormuz.

In response, Iran’s Islamic Revolutionary Guard Corps said no oil or gas exports would pass through the Strait of Hormuz while US strikes continue, and it warned of stronger retaliation against the United States and countries hosting US military bases.

The article also points to additional risks to regional energy flows, including Iran threatening to close the Red Sea and Qatar saying it intercepted a missile attack, with the International Energy Agency warning that global energy security could become a major concern if shipments do not resume soon.

Latest closeWTI crude $79.00 ▼0.8%

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