Brent tops $85 as US-Iran strikes threaten Hormuz and Red Sea flows
What's new: Brent and WTI are both up about 12% this week as traders weigh risks to two key oil export routes.
Oil prices rose Friday after the United States and Iran escalated attacks across the Gulf, raising fears of deeper disruptions to crude shipments through the Strait of Hormuz and possibly the Red Sea. Brent crude gained $1.05 to $85.28 a barrel, while US West Texas Intermediate added $1.03 to $79.98. Both benchmarks are up nearly 12% this week. The latest jump came after US forces carried out fresh strikes for a sixth straight night and Iran answered with missiles and drones aimed at US bases in neighboring states, including Jordan. Reuters also reported that Tehran told Houthi allies to be ready to close the Red Sea oil route if US strikes hit Iranian power infrastructure.