Oil climbs nearly 12% for week as US-Iran strikes hit supply routes
Why it matters: Brent traded above $85 and the IEA warned prolonged disruption around Hormuz and the Red Sea could tighten global supply.
Oil prices rose again Friday as US and Iranian attacks across the Gulf deepened fears of a wider disruption to crude shipments. Brent crude climbed to $85.28 a barrel and US West Texas Intermediate reached $79.98, leaving both benchmarks up nearly 12% for the week. The latest gains came after the United States launched fresh strikes on targets near Iran’s southern coast and Tehran signaled Houthi allies should be ready to close the Red Sea oil route if US attacks hit Iranian power infrastructure. About 20% of global oil supply moved through the Strait of Hormuz before the war, and the International Energy Agency’s Fatih Birol warned oil security remains a critical concern if the situation does not improve within weeks.