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Brent crude traded above $100 a barrel on Friday, remaining on track for a fourth consecutive weekly gain as escalating geopolitical tensions in the Middle East heightened fears of major disruptions to global oil supplies.
Brent futures rose 37 cents, or 0.37%, to $101.06 a barrel by 0330 GMT after surging 7% in the previous session to close above the $100 mark for the first time since May. The global benchmark is set to post a weekly gain of about 14.6%. U.S. West Texas Intermediate (WTI) crude was little changed at $91.20 a barrel, its highest level since June 11, with an expected weekly increase of 11.8%.
Oil prices climbed after Iran-backed Houthi forces claimed responsibility for attacks on two Saudi oil tankers in the Red Sea, intensifying concerns over energy shipments through key maritime routes. Analysts at ING warned that current supply risks are greater than at any point since the conflict began, citing severe disruptions in the Strait of Hormuz and growing threats to Saudi crude exports through the Red Sea.
According to shipping analytics firm Kpler, only one tanker crossed the Strait of Hormuz on Thursday, marking the lowest daily traffic since May 7. The Bab el-Mandeb Strait, which connects the Red Sea to the Indian Ocean, has also come under increasing pressure, raising concerns over another critical global oil transit route.
U.S. President Donald Trump said Iran would be held responsible for any additional Houthi attacks, while the Houthis have announced a naval blockade targeting Saudi Arabia. The group has expanded pressure after Iran urged further action if U.S. strikes on Iranian infrastructure continue following the collapse of a temporary truce.
Adding to supply concerns, Kazakhstan temporarily reduced oil production after suspected Ukrainian drone attacks shut down the Caspian Pipeline Consortium's Black Sea export terminal. The pipeline transports roughly 2% of global crude supplies, and a source said output at the country's largest oil field was cut by more than half, adding fresh uncertainty to the global energy market.
