Oil jumps 4.6% as US-Iran attacks threaten Hormuz and Red Sea
Why it matters: Brent settled at $88.10 and both crude benchmarks posted weekly gains of about 16% as tanker risks mounted.
Oil prices surged Friday after the United States and Iran widened attacks across the Gulf, raising the risk of deeper supply disruptions through the Strait of Hormuz and possibly the Red Sea. Brent crude rose $3.87, or 4.59%, to settle at $88.10 a barrel, while US West Texas Intermediate gained $3.54, or 4.48%, to $82.49, both their highest levels since mid-June. The latest fighting followed a collapse of the truce that had briefly paused hostilities, with reduced oil flows already reported through Hormuz. Reuters reported Iran also told Houthi allies to be ready to shut the Red Sea route if US strikes hit Iranian power infrastructure.