Global oil prices rose on Friday as escalating tensions between the United States and the Islamic Republic heightened concerns over potential disruptions to key oil export routes. Fears of restricted oil shipments through the Strait of Hormuz, along with threats to maritime traffic in the Red Sea, have weighed heavily on global energy markets.
Brent crude rose by 7 cents to $84.30 per barrel, while U.S. West Texas Intermediate (WTI) crude gained 16 cents to $79.11 per barrel.
According to market data, both benchmark crude prices have climbed nearly 12 percent since the start of the week, reflecting growing concerns among traders about the possibility of tighter global oil supplies.
The price increase followed an escalation in hostilities between the United States and the Islamic Republic in the Persian Gulf region. At the same time, concerns over potential disruptions to oil flows through the Strait of Hormuz have intensified fears about the continuity of global oil supplies.
Fatih Birol, Executive Director of the International Energy Agency (IEA), said that the security of oil supplies remains one of the most significant challenges facing global energy markets. He warned that if the situation does not improve in the coming weeks, concerns over global energy security are likely to intensify.
Analysts at IG also said that if U.S. crude oil prices remain above the mid-$70-per-barrel range, they could rise further toward the mid-$80-per-barrel range.
Writer:Salima Aryaei
