MUSCAT : Oil prices rose about 2% on Friday, extending strong weekly gains, as escalating tensions between the United States and Iran heightened concerns over potential disruptions to oil shipments through the Strait of Hormuz and the Red Sea.
Brent crude futures climbed $1.53, or 1.8%, to $85.76 a barrel by 0951 GMT, while U.S. West Texas Intermediate (WTI) crude gained $1.69, or 2.1%, to $80.64 a barrel.
Both benchmarks were on course for weekly gains of nearly 13%, with Brent set for a third straight week of advances and WTI heading for its second consecutive weekly rise.
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The latest gains came as markets reacted to a series of retaliatory actions between Washington and Tehran, raising fears that the conflict could disrupt energy supplies from the Gulf, a region that accounts for a significant share of global oil exports.
Investors are closely monitoring developments around the Strait of Hormuz, one of the world’s most important oil transit chokepoints, through which roughly a fifth of global oil consumption passes. Concerns have also emerged over the security of shipping routes in the Red Sea, a critical corridor for global trade and energy flows.
Analysts said the prospect of restrictions or disruptions in either waterway has increased the geopolitical risk premium in oil markets, prompting traders to factor in the possibility of supply interruptions.
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