Oil prices inched up on Friday after the US and Iran stepped up attacks across the Gulf, with their broken truce limiting oil flows out of the Strait of Hormuz and with Tehran asking the Houthis to stand ready to shut the Red Sea export route.
Brent crude futures rose 7 cents, or about 0.08 per cent, to $84.30 a barrel at 0632 GMT, while US West Texas Intermediate futures gained 16 cents, or 0.2pc, to $79.11 a barrel.
Both benchmark contracts have climbed nearly 12pc this week, with Brent on track for a third consecutive weekly gain and WTI on pace for a second weekly gain.
“The potential threat of the Red Sea becoming another major supply disruption point is further complicating the global oil outlook,” said Tim Waterer, chief market analyst at KCM Trade.
He noted the “dual-risk scenario” was keeping a geopolitical premium embedded in both benchmarks.
