Oil surges 16% for week as US-Iran attacks threaten Gulf shipping

Oil prices jumped Friday and capped a weekly gain of about 16% after the United States and Iran widened attacks across the Gulf, heightening fears over two key crude routes. Brent crude settled up $3.87, or 4.59%, at $88.10 a barrel, while West Texas Intermediate rose $3.54, or 4.48%, to $82.49, both the highest since mid-June. The fighting has already cut oil flows through the Strait of Hormuz, which handled about 20% of global supply before the war. Reuters also reported that Iran told Houthi allies to be ready to close the Red Sea export route if US strikes hit Iranian power infrastructure. Saudi Arabia has shifted more than 70% of its crude exports to Yanbu on the Red Sea to avoid Hormuz.