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Iran Threatens Gulf Energy Assets as U.S. Tensions Escalate 
Asian Stocks Fall as Oil Tops $100, Yields Rise 
Oil Prices Hold Near Highs as U.S.-Iran Conflict Escalates 
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Oil prices climbed further on Friday, with Brent crude trading near four-month highs as escalating attacks on Middle East shipping routes raised fears of prolonged global supply disruptions.
Brent oil futures gained nearly 0.7% to $108.29 a barrel by 00:32 GMT after reaching an intraday high of $109.97, its strongest level since early May. West Texas Intermediate (WTI) crude futures advanced 0.5% to $102.96 a barrel.
Both benchmarks were headed for substantial weekly gains. Brent was up 12.4%, marking its strongest weekly performance since early July, while WTI had risen 12.7%.
Crude oil prices surged above $100 a barrel earlier this week after Iran said it attacked 10 vessels near the Strait of Hormuz. The United States responded by saying it had sunk five Iranian tankers, marking some of the most intense fighting between the two sides in months.
Supply concerns intensified after reports that Yemen's Iran-backed Houthi group seized control of the port city of Mocha, potentially strengthening its influence over the strategically important Bab el-Mandeb Strait.
The Houthis, who have declared a naval blockade against Saudi Arabia, were also reportedly targeting ships in Bab el-Mandeb and Saudi energy infrastructure. Early Friday reports claimed the group struck Saudi Arabia's East-West oil pipeline, triggering six major fires around the facility.
Any significant disruption to Bab el-Mandeb could further restrict Middle Eastern oil shipments at a time when the Strait of Hormuz is already facing severe security risks. Traders have consequently added a larger geopolitical risk premium to crude oil prices.
Meanwhile, the U.S.-Iran conflict has shown few signs of easing. President Donald Trump said he expects the war to end immediately after the November midterm elections. However, the Wall Street Journal reported that some senior White House advisers believe the conflict could continue through the remainder of Trump's term, potentially lasting until early 2029.
