Escalating military tensions between the United States and Iran continued to lift oil prices on Friday, putting crude benchmarks on track for their biggest weekly gains in three months as markets assessed the risk of further supply disruptions in the Middle East.

Brent crude futures gained $1.68, or 2%, to $84.98 a barrel, while U.S. West Texas Intermediate (WTI) crude rose $1.65, or 2.1%, to $79.79 a barrel. On Monday, Brent had surged…

Oil prices climbed to their highest level in four weeks on Tuesday after the United States reinstated a naval blockade on Iran and intensified military strikes, while Tehran…